After the decision of the Central Bank at the last days of January, the rise in the exchange rate has continued today. With the change in the inflation basket during the day, the fixed-weighted method recommended by the EU will be used instead of the variable weighted method. The goal of this change is to avoid the inflation volatility caused by food prices. On the other side, Prime Minister Binali YÄ±ldÄ±rÄ±m explained that there is no need to panic for banks and he said they will give all the support to the banks.
When we look at it technically, we see that the movement in the trend of rising in the wing continues. The persistence of 3.83 resistance with the ascent may bring a rapid rise to 3.88 level. In the case of possible retreats, the 3.7850 and 3.75 supports come up as important levels to be followed. As general expectation, the political developments and Fitch decision will play an important role in the short term future of USD/TRY parity in the global forex market according to the financial experts who are specialized in the Turkish market. Domestic political uncertainties, geopolitical risks, and the referendum process may continue to exert pressure on the Turkish Lira.
- Date: 26 January 2017 Thu 10:40
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