USD/TRY maintains its upside bias well in place, always underpinned by the relentless meltdown of the Turkish currency.
In the meantime, investors are expected to closely monitor upcoming decisions on monetary policy amidst the ongoing downtrend in domestic inflation.
In a more macro scenario, price action around the Turkish lira is supposed to continue to spin around the performance of energy and commodity prices, which are directly correlated to developments from the war in Ukraine, broad risk appetite trends, and dollar dynamics.
Eminent issues on the back boiler: Persistent skepticism over the CBRT credibility/independence. Absence of structural reforms. Bouts of geopolitical concerns.
USD/TRY key levels
So far, the pair is gaining 0.69% at 26.9199 and faces the next hurdle at 27.0147 (all-time high July 18) followed by 28.00 (round level). On the downside, a break below 22.9997 (55-day SMA) would expose 21.2799 (100-day SMA) and finally 19.9788 (200-day SMA).
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