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- USD/TRY points to new all-time highs towards the 11.60 level – SocGen
USD/TRY points to new all-time highs towards the 11.60 level – SocGen
The Turkish lira slumped to a fresh all-time low of 10.9680 against the US dollar before the CBRT decision. Economists at Société Générale expect USD/TRY to continue its march forward to the 11.60 mark.
Turkey CB forecast to cut policy rate by 100bp to 15%
“We are aligned with the consensus for a 100bp cut in the one-week repo rate to 15.0%. The bank is ignoring the challenging inflation backdrop, putting into practice the demand from Erdogan for cheaper borrowing costs.”
“Daily MACD histogram is recording multi-month high which denotes the up move is a bit overstretched. This is not a reversal signal, however, an initial pullback can’t be ruled out.”
“Next projections are located at 11.35 and 11.60. Achievement of these objectives could lead to a pause; 10.22, the 50% retracement of the last bout of rise is near-term support.”
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