Don’t waste your time – keep track of how NFP affects the US dollar!

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Follow us on Facebook

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Email tooltip

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

FBS Mobile Personal Area

FREE - In Google Play

View
USD/TRY dropped, but reverse is close

USD/TRY dropped, but reverse is close

Information is not investment advice

What happened?

The Central Bank of the Republic of Turkey (CBRT) raised its cash rate, surprising investors. It was a necessary action for Turkey to meet the bank's target of lowering inflation to 9.4% by year-end to approach the longer-term target of 5% in 2023. 

"It is crucial that the lira offers a sufficiently attractive carry trade to appreciate in the coming months, or at the bare minimum to be relatively stable against the dollar," says Rabobank.

Market reaction

USD/TRY plunged as the Turkish lira rose against the US dollar after the Turkish bank’s decision. In fact, the TRY was one of the few currencies, that have managed to strengthen against the greenback on an intraday basis.

Technical analysis

USD/TRY dropped to the 200-period moving average at 7.2400, which also lies on the lower line of Bollinger Bands. The RSI indicator went below the 30.00 level, indicating the pair is oversold. Thus, the pullback should happen soon. The move above yesterday’s high of 7.3500 will drive the pair to the 100-period moving average of 7.4500. Just in case, support levels are 7.2400 and 7.1400.       

USDTRYH4.png

LOG IN

Similar

Popular

Choose your payment system

Learn more

Callback

Please fill in the form below so we can contact you

Select the best time for us to call you. We give calls from Monday to Friday in suggested intervals. In case we couldn't get through, we will try again at the same time the next day. For getting real-time assistance, use FBS chat.

We provide only English-speaking callbacks. If you prefer any other languages, contact the support team.

We will call you at the time interval that you chose

Change number

Your request is accepted.

We will call you at the time interval that you chose

Next callback request for this phone number will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later