USD/TRY: Bulls and bears jostle around $13.45 ahead of CBRT Interest Rate Decision By anilpanchal7 USDTRY CentralBanks YieldCurve Inflation RiskAppetite
Turkish President Erdogan urges to convert foreign currency savings to lira, sees FX- demand driven volatility.
The US Dollar Index reversed from weekly top to snap three-day uptrend the previous day after the Treasury yields dropped after refreshing multi-day high. That said, the US 10-year Treasury yields added 2.2 bps to 1.849% at the latest while nearing the highest levels in two years. Looking forward, CBRT moves will be crucial for the USD/TRY traders as the nation still struggles with record inflation data and Erdogan’s push for more rate cuts.The December statement suggests that policymakers will pause the easing cycle and monitor its effects in the coming three months.While 10-DMA restricts the USD/TRY short-term upside to around $13.56, a descending resistance line from December 21, close to $13.85 by the press time, will be crucial for the pair buyers to watch.
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