USD/TRY: Turkish Lira bears prod all-time low under 24.00 as CBRT vs. Fed divergence looms – by anilpanchal7 USDTRY CBRT Fed RiskAversion InterestRate
Erdogan’s re-election keeps USD/TRY bulls hopeful even as change in CBRT Governor prods Turkish Lira bears.
The Turkish Lira pair’s upside momentum takes clues from Recep Tayyip Erdogan’s re-election as the national leader. The reason could be linked to Mr. Erdogan’s push for lower rates despite heavy inflation pressure in the economy. That said, the latest CME FedWatch Tool reading hints at a 90% chance of the US Federal Reserve’s no rate hike during today’s monetary policy meeting, versus around 75% chance before that. The reason could be linked to the downbeat US inflation data. That said, the US drops more-than-expected and prior releases to 0.1% MoM and 4.0% YoY. However, the Core CPI, known as the CPI ex Food & Energy, matches 0.4% monthly and 5.3% yearly forecasts.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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