USD/TRY clinches highs near 3.0150

The Turkish Lira is losing ground vs. the greenback on Monday, with USD/TRY now accelerating its daily upside to fresh highs above the 3.0100 handle.

USD/TRY weaker after data

The better tone from the US dollar has lifted spot to fresh 2-month peaks around 3.0150 today, extending the positive streak for the fourth session in a row.

In addition, inflation figures for the month of September have come in short of expectations, showing consumer prices up at an annualized 7.28% and 0.18% inter-month.

Additionally, the manufacturing PMI has improved to 48.3 during last month from August’s 47.0, while Producer Prices rose 0.29% on a monthly basis and 1.78% over the last twelve months.

USD/TRY key levels

At the moment the pair is advancing 0.47% at 3.0145 with the immediate resistance at 3.0285 (high Aug.4) ahead of 3.0570 (78.6% Fibo retracement of the July-August drop) and then 3.0965 (2016 high Jul.20). On the other hand, a breach of 2.9752 (20-day sma) would expose 2.9628 (low Sep.27) and finally 2.9358 (low Sep.22).