USD/TRY: Turkish Lira hovers around record low on mixed CBRT, Fed chatters – by anilpanchal7 USDTRY Fed CBRT RiskAversion SwingTrading
Not only on the daily chart but the weekly performance of the Turkish Lira also appears dicey as markets await the next week’s Central Bank of the Republic of Türkiye meeting, as well as the Testimony of Fed Chair Jerome Powell, especially after the latest failure to convince hawks.
That said, the market’s anxiety about the CBRT move escalates after the recent appointment of Hafize Gaye Erkan as the new Governor of the CBRT and former economy chief M. Simsek’s posting as the new Finance Minister. On the same line is a Financial Times news piece suggesting that the Turkish policymakers have a free go from President Recep Tayyip Erdogan.
On the other hand, markets struggle to believe the Federal Reserve’s hawkish signals for the July rate hike amid recently mixed US data. That said, US Retail Sales growth marked an increase of 0.3% for May versus -0.1% expected and 0.4% previous readings while the Core readings, mean Retail Sales ex Autos, match 0.1% market forecasts for the said month, compared to 0.4% prior. Meanwhile, NY Fed Empire State Manufacturing Index jumps to 6.6 in June versus -15.1 expected and -31.
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