USD/TRY regains 2.90 on dollar gains

The greenback has picked up further traction vs. its rivals on Monday, now lifting USD/TRY back to the area around 2.90 the figure.

USD/TRY higher post-CPI results

The pair is giving away part of last Friday’s strong gains, returning the boundaries of the 2.90 handle after the Turkish Lira lost upside momentum following the release of June’s inflation figures.

In fact, consumer prices tracked by the CPI have surprised to the upside, up 0.47% MoM and 7.64% over the last twelve months, down from 0.58% and 6.58%, respectively.

In the meantime, the pair is losing ground for the second week in a row after short-lived peaks just above the critical 3.00 handle following the ‘Brexit’ vote in late last month.

USD/TRY key levels

At the moment the pair is retreating 0.16% at 2.8982 facing the immediate support at 2.8674 (low Jun.30) followed by 2.8375 (post-Brexit low Jun.24) and then 2.7865 (2016 low May 2). On the upside, a break above 2.9159 (200-day sma) would pave the way for a test of 3.0057 (post-Brexit high Jun.24).