USD/TRY: Struggles to defend Turkish Lira bears, focus on CBRT, Fed Powell’s Testimony – by anilpanchal7 USDTRY CBRT Fed RiskAversion Currencies
That said, the fresh appointment of Hafize Gaye Erkan as the new Governor of the CBRT and former economy chief M. Simsek as the new Finance Minister, as well as Turkish President Recep Tayyip Erdogan’s readiness to relinquish rate controls, allow CBRT hawks to remain hopeful.
While the CBRT is likely to offer a wild move on Thursday, Fed Chair Powell’s Testimony and second-tier US/Turkish data will entertain the traders ahead of that. That said, a strong rate hike from the Central Bank of the Republic of Türkiye could trigger a downside break of the 23.00 key support, which in turn will challenge the previous all-time high of around 21.00.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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