The Central Bank of Turkey unexpectedly lowered its interest rate by 100 bp to 13% today, while investors expected rates to remain steady at 14%, and signaled that it would continue to promote the use of the lira in the Turkish economy. It was the first interest rate cut following seven consecutive decisions to hold the rate constant, adding to the 600 bp in interest rates slashes since September of 2021.
USDTRY - lira weakened after CBRT decision and easily broke above resistance zone at 18.00. Source: xStation5
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