USD/TRY Climbs As Bond Yields Rise
DAYTRADE PROFIT | Jul 28, 2015 03:04AM ET
USD/TRY climbed briefly to 2.777, and most government bond yields are rising up to 27bps. Investors are concerned about the security situation. Meanwhile, Finance Minister Mehmet Simsek said that while productive talks on a coalition with CHP were ongoing, AKP did not see a partner, adding that the likely federal monetary tightening this year would "definitely" affect Turkey negatively. Simsek also stated that there was no indication of strong growth and that the official GDP forecast might have to be downwardly revised after the government is established, as the authorities had not envisaged uncertainty for H2 2015.
From the technical side:
Support Levels: 2.73 2.69
Resistance Levels: 2.79 2.83-5 target
There are two possible scenarios:
Move up to 2.83-5 area.
Keep moving up to 2.79, after that, a correction to 2.69-2.71 and then all the way up to 2.83-5.
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