Turkish lira is trading lower against the US dollar and euro today. Currency is weakening after Recep Erdogan, President of Turkey, fired CBRT Deputy Governor Murat Cetinkaya today. Move comes one week after Erdogan fired CBRT Governor and appointed a new one. Turkish monetary policy continues to be highly unpredictable in the medium term due to frequent interventions by President Erdogan and weakening of the domestic currency highlights it perfectly.
Taking a look at USDTRY chart at D1 interval, we can see that the pair has broken above the 78.6% retracement of a downward move started in November 2020 and is slowly approaching a recent high at 8.41, reached after firing of CBRT Governor last week. The pair trades around 3.5% below its all-time high at around 8.5670.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
