USD/TRY: No respite for the collapse of the lira – by pabspiovano USDTRY Currencies Crosses Türkiye
Türkiye Unemployment Rate edged a tad higher in April.climbs to new all-time peak around the 23.6500 region at the beginning of the week.USD/TRY adds to Friday’s advance and surpassed the 23.50 region with marked conviction to print a new record high on Monday.
It is worth recalling that President R. T. Erdogan named M. Simsek as Treasury and Finance Minister, while former First Republic Bank Hafize Gaye Erkan will be at the helm of the Turkish central bank . This move by Erdogan is expected to show a more market-friendly approach to the country’s economic front and may open the door to a more orthodox view of domestic monetary policy.
So far, the Turkish currency has already depreciated nearly 28% since the start of the new year, while the drop has reached around 185% since the Turkish central bank embarked on its easing cycle in August 2021. On the domestic docket, the Unemployment Rate in Türkiye rose slightly to 10.2% in April and the Current Account deficit widened to $5.40B in the same month.USD/TRY maintains its upside bias well in place, always underpinned by the relentless meltdown of the Turkish currency.
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