USD/TRY grinds higher past $14.00 as USD cheers Russia-Ukraine related risk-aversion By anilpanchal7 USDTRY RiskAppetite Ukraine RussianFederation GDP
Risk-off mood underpins USD’s safe-haven demand, stock futures, yields are down.
In doing so, the Turkish lira pair portrays the market’s rush towards the US dollar, amid the broad risk-aversion wave. Also favoring the USD/TRY bulls are headlines suggesting further economic weakness of Turkey in 2022 due to high inflation and workers’ strikes. In addition to the fears of easy GDP in 2022, workers’ strike in Turkey also weigh on the TRY prices. “Turkish workers are striking in numbers not seen since the 1970s to demand pay rises that enable them to buy a loaf of bread amid soaring inflation,” said The Telegraph.
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