USD/TRY swings towards a record low of 19.00 ahead of the Fed and Turkish inflation.
Despite conflicting worries, USD/TRY continues to climb toward its all-time high. Prices are driven up by the Turkish inflation issue and CBRT’s opposition to rate increases. The purchasers are faced with slow rates and uncertainty over the Fed’s decision from December. Turkish CPI on Thursday and the FOMC meeting on Wednesday will be key indicators of short-term trends.
Bulls on the USD/TRY pair maintain control at the record high of 18.65, which was near 18.60 at the time of publication on Wednesday morning early in Europe. In doing so, the Turkish lira (TRY) pair fails to cheer the broad US dollar decline amid expectations of additional suffering for the TRY.
The main issue facing the TRY may be related to the Central Bank of the Republic of Turkey’s (CBRT) reluctance to raise the benchmark interest rates, even though the Turkish Consumer Price Index (CPI) just hit an all-time high of 83.45. The planned announcement on Thursday of October’s 85.6% inflation rate will likely set a new record high for the inflation rate.
Comments
Post a Comment