FXStreet (Edinburgh) – The Turkish lira is now losing further ground vs. the greenback, with USD/TRY hovering over session tops beyond 2.6800.
USD/TRY firmer on CPI prints
The pair gathered further traction after Turkish consumer prices rose below estimate during the last month, up 0.56% inter-month and 8.09% over the last twelve months, vs. forecasts at 0.65% and 8.15%, respectively. Further data showed Producer Prices followed suit, rising 1.11% on a monthly basis and 6.52% on a year to May.
The lira will remain under pressure ahead of the general elections due on Sunday 7th, with opinions still divided regarding the potential outcome.
USD/TRY important levels
The pair is now advancing 0.41% at 2.6841 with the next resistance at 2.7049 (high May 12) followed by 2.7149 (high May 7) and finally 2.7390 (high Apr.27). On the flip side, a breach of 2.6572 (low Jun.1) would expose 2.6440 (low May 29) and then 2.6380 (low May 28).
(Market News Provided by FXstreet)