USD/TRY traded stable to slightly lower on Thursday to 5.7680, as the dollar fell slightly against a basket of other currencies. The Turkish Lira was broadly stable after Turkey’s government yesterday revived plans to transfer the central bank’s 46 billion lira ($8 billion) in legal reserves to its deteriorating budget to help shore it up, and is considered adjusting some tax measures as it battles recession. A Treasury official and three other sources familiar with the plans confirmed that the funds - which are separate from the Turkish central bank’s foreign exchange reserves - were being eyed to help relieve a budget deficit. The country is currently in a recession and is in the difficult situation of wanting to ease its monetary policy, without risking another run on the Lira.
USDTRY Support & Resistance Table - 28/06/2019
Support & Resistance Level Explanation
Resistance 2 5.80684 Daily R2
Resistance 1 5.79595 Daily R1
Support 1 5.75787 Daily S1
Support 2 5.74155 Daily S2