The USD/TRY parity had reached the 3.89 level at January 27th. This level was the historical record of this parity and caused a lot of negative results on Turkish Economy. But, with the beginning of February, the decreasing trend started to continue on USD/TRY parity. If you observe the latest position of USD/TRY parity, you would see that the parity decreased under the 3.65 level with the second part of February.
Vice Prime Minister Mehmet Åžimsek stated that for the Fed this year, interest rates are likely to accelerate this year, while markets have yet to predict an increase for March. ÅžimÅŸek noted that for the last 1.5 months, Turkey has pointed out that data are average growth. Stating that Lira's depreciation started to be reflected in exports, ÅžimÅŸek said that investment was not strengthened because some uncertainty persisted. He said that they predicted that investment will begin to strengthen after the quartet and that the domestic demand is seen to continue to grow according to the January tax charges. ÅžimÅŸek also said that unemployment is a major problem, while the uncertainty indicates that recovery will begin after the referendum. Referring to the latest mobilization of employment, ÅžimÅŸek stated that they are expecting a rapid recovery after the referendum on which serious incentives are offered.
Technically speaking, the persistence on the 3.680 level continues to maintain its upward visibility in USD/TRY. A rise of USD/TRY could lead to a resistance level of 3.7000. Permanent weakness may be seen if the fixture is kept below the level of 3.6800, and it can be watched at 3.6500 and 3.6600 support levels.
- Date: 24 February 2017 Fri 09:14
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