USD/TRY retreats from highs, around 3.7200 post-CPI

The Turkish Lira is posting moderate gains vs. the greenback at the end of the week, taking USD/TRY to the area around 3.7200 the figure.

USD/TRY sidelined post-CPI

The pair seems to have found quite strong resistance in the 3.7200 area after inflation figures in Turkey rose more than expected during February. In fact, consumer prices tracked by the CPI rose at a monthly 0.81% and 10.13% over the last twelve months vs. prior forecasts at 0.47% and 9.60%, respectively.

Further data saw Producer Prices advancing 1.26% inter-month and 15.36% on a yearly basis.

In the meantime, spot is trading in the red territory after five consecutive advances following lows in the mid-3.5000s, always propped up by the upbeat sentiment around the greenback.

USD/TRY key levels

At the moment the pair is down 0.12% at 3.7236 and a breakdown of 3.6726 (55-day sma) would expose 3.6582 (20-day sma) and then 3.6475 (low Mar.2). On the other hand, the next resistance is located at 3.7466 (high Mar.3) followed by 3.7607 (high Feb.8) and finally 3.9107 (high Jan.27).