USD/TRY extends its weekly rally above 12.6000 as Turkey's inflation expectations risen up to 30% By christianborjon USDTRY Turkey CentralBanks
On Wednesday, the CBRT said it “will closely monitor exchange rate developments and related risk factors and continue to take the necessary measures and employ due instruments,” as reported in its annual report for 2022. Furthermore, the bank said it would use reserve requirements to support the pursuit of price and financial stability objectives.
In the meantime, Turkish annual inflation is expected to hit 30.6% in December, per Reuters poll, breaching the 30% threshold for the first time since May 2003. The Turkish Treasury benchmark 10-year bond yield rose to 24.87%, from 24.55% a day earlier.The USD/TRY previous week’s rally stalled on Monday around the 100-day moving average at 10.0491, leaving the abovementioned dynamic support level.
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