When we look at the EUR/TRY parity during the month of March, we could observe a fluctuating process. The starting point was at 3.83 level at the beginning of March. The parity experienced a strong positive trend in the first half of March. The main reason for the positive trend was the negative developments in the Turkish market like the higher unemployment rate. The parity reached to 4.00 level on March 13th. With the second half of the month, the parity started to lose value and reached the 3.90 level on March 17th.
The February CPI figures released in the Eurozone were anticipated, while the Euro was favorably priced as limited. In Turkey, the Central Bank did not change policy rates after the March meeting, lower and upper bands of the interest rate corridor. The late liquidity window has risen from 11 % to 11.75 %. When we look at the technical analysis, we can follow support levels of 3.83 and 3.85 in the continuation of the declines. Likely, resistance levels of 3.94 – 3.96 can be followed in the continuation of the ascension.
- Date: 24 March 2017 Fri 06:35
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