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The Turkish lira hugely dropped today, which pushed USD/TRY up to highs unseen since November 2020. Oil started recovering its losses after the worst week since October.
The Turkish lira hugely dropped today, which pushed USD/TRY up to highs unseen since November 2020.
Turkey’s central bank governor was at a crossroads: to hold interest rates and take a risk to be fired like it was for three governors before him, or to comply with the president, to cut rates, and to risk the market. Let’s find out, how to react to the rate cut.
Turkey's bank raised rates, that sent the Turkish lira soaring. But technical analysis shows that USD/TRY should reverse up .
The Turkish lira has been pressed by Turkey’s central bank (CBRT). Analysts believe USD/TRY will reach 10.00 by the year's end.