#USDTRY @ 28.1591 The Turkish currency depreciates to record lows vs. the greenback.
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- The Turkish currency depreciates to record lows vs. the greenback.
Further selling pressure hurts the Turkish lira and lifts USD/TRY to a new all-time high around 28.1500 on Thursday.
USD/TRY extends its advance and looks to consolidate the recent breakout of the 28.00 hurdle despite the fact that the Turkish central bank (CBRT) raised the One-Week Repo Rate by 500 bps to 35.00% (from 30.00%), matching the broad consensus.
That said, the central bank raised its key policy rate by 500 bps for the second consecutive meeting, while the lira has already depreciated more than 28% vs. the US dollar since January.
The central bank justified its decision to extend the tightening cycle in light of still-highly elevated inflation and potential upside risks stemming from higher crude oil prices and geopolitical concerns.
In addition, the CBRT maintains its inflation target at 5.00% in the medium term and stands ready to further tighten its monetary conditions accordingly.
So far, the pair is gaining 0.35% to 28.1440 and faces the next up-barrier at 28.1551 (all-time high October 26) ahead of 29.0000 (round level). On the downside, a break below 27.2064 (55-day SMA) would expose 26.5841 (100-day SMA) and finally 25.2143 (monthly low August 24).
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