4/15/2021 11:31:44 AM GMT | By Pablo Piovano
USD/TRY accelerates the upside to the 8.15 area.
The CBRT left the One-Week Repo rate unchanged at 19.00%.
The central bank dropped the commitment to keep a tight stance.
The Turkish lira reverses the recent strength and now pushes
USD/TRY to daily tops near 8.1500.
USD/TRY up following steady CBRT
USD/TRY resumes the upside following three daily pullbacks in a row and after the Turkish central bank (CBRT) left the One-Week Repo Rate unchanged at 19.00% at its meeting on Thursday.
The central bank noted that inflation expectations remain at elevated levels and pose risks to the inflation outlook, although it kept the 5% medium-term target unchanged. Further selling pressure around the lira comes after the CBRT removed its pledge to keep the tightening stance from the statement, noting that the key rate will be set above the inflation rate.
USD/TRY treads water around 8 1500
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USD/TRY stays bid around 8 1500
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4/1/2021 12:38:40 PM GMT | By Pablo Piovano
USD/TRY adds to Wednesday’s losses near the 8.1200 level.
CBRT official said there will be no premature rate cut.
Speculations on an interest rate cut dominate the mood around TRY.
The Turkish lira keeps the renewed buying interest unchanged and drags
USD/TRY to the area of multi-day lows near 8.1200 on Thursday.
USD/TRY met resistance near 8.50
USD/TRY sheds ground for the second consecutive session on Thursday, coming under some selling pressure after hitting new 2021 highs near 8.5000 earlier in the week.
The renewed buying interest around the Turkish currency appears to find oxygen in recent comments from CBRT officials. In fact, a senior CBRT official ruled out a premature rate cut earlier on Thursday.