USD/TRY: Current period of stability is built on shaky foundations – MUFG By MSalordFX USDTRY Banks
“The lira has been notably more stable at the start of the new year with USD/TRY trading within a relatively narrow range between 12.803 and 13.940. It follows the extreme price action towards the end of last year when USD/TRY traded between 10.251 and 18.363 in December. However, we still believe that the current period of stability is built on shaky foundations.”
“Last month’s decision to transfer FX risk-linked to holding lira deposits from individuals to the government may help to temporarily slow the pace of dollarization in Turkey but does not solve the underlying problems and risks undermining the health of public finances which has been one of the solid domestic fundamentals. At the same time, policymakers in Turkey have stepped up intervention to provide more support the lira in the near-term.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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