Looking at USD/TRY Chart, we can see that after hitting its highest level at around 18.30, there was a sudden huge drop in the rate, taking the rate slightly below 11. This took place after Turkish president Erdogan announced a new anti-dollarisation policy, where the government will offset losses to domestic TRY accounts as a result of the depreciation of the TRY/USD exchange rate.
Having TRY increased so much so fast, we expect today the USD/TRY pair to increase back towards its resistance level of 13.5 and if able to pass it to climb towards its next resistance level at around 14.50.
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