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USD/TRY keeps moving towards the $17.00 mark while refreshing its yearly high for the 3-days straight. The pair is receiving offers near $16.85 before today’s European trading period.
The US dollar correction might be the promoter of USD/TRY’s new strength. Nevertheless, the dissimilar monetary policies between the Federal Reserve and the Central Bank of the Republic of Turkey seem to be the main Support for the bulls.
Despite experiencing 70% inflation at home, The Turkish President upheld his promise to reject interest rate hikes. He also said the nation won’t increase its interest rate, but rather reduce them due to the high cost of living.
Additional USD/TRY Price Factors
On contrary, the US dollar Index falls from its previous height as Treasury bonds rallied again. Supporting the dollar correction might be related to fears before tomorrow’s (Thursday) European Central Bank gathering. Also, the US Consumer Price Index: for May, which is slated for Friday is another factor supporting the dollar correction.
In addition, World Bank President: David Malpass, and China officials, Refreshes recession anxieties. This refreshing of recession anxieties offered more strength to the USD.
Conclusion
It is important to note that risk opposing headlines from Ukraine also affect the mood and propels the USD/TRY price. The new USD/TRY upward momentum may be prolonged, due to a less busy calendar and mood.
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