USD/TRY advances beyond 3.01, daily highs

The Turkish Lira met extra selling pressure on Wednesday, now lifting USD/TRY back above the key barrier at 3.00.

USD/TRY in weekly highs above 3.00

After bottoming out around 2.97 on Monday, the pair has sparked a correction higher to current levels following today’s pick up in the greenback and higher-than-expected inflation figures in the Turkish economy.

In fact, consumer prices rose 1.16% inter-month during July and 8.79% over the last twelve months, surpassing forecasts for a 0.72% gain MoM and 8.30% on a yearly basis.

USD/TRY key levels

At the moment the pair is advancing 0.68% at 3.0105 facing the next hurdle at 3.0259 (high Jul.29) ahead of 3.0965 (all-time high Jul.20). On the other hand, a breach of 2.9880 (20-day sma) would expose 2.9698 (low Aug.1) and finally 2.9477 (55-day sma).