USDTRY and EURTRY are the two most rising currency pairs on Tuesday as emerging markets are under a moderate pressure a day ahead of the key FOMC decision on interest rates. Higher rates in the United States are generally a concern for emerging market and we’ve seen a huge volatility on pairs like USDTRY, USDBRL or USDZAR lately. On top of that Turkey is less than two weeks ahead of the absolutely crucial elections (June 24) that could reinforce Erdogan’s grip on power but could also end in political chaos if results are close. USDTRY bounced back to 4.56 after failing to break through the key 4.45 support.
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