Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Octa trading broker
Open trading account
Back

USD/TRY moves closer to 3.81 on CBRT decision

  • Turkish central bank (CBRT) leaves rates unchanged at today’s meeting.
  • TRY depreciates to the vicinity of 3.81 in the wake of the CBRT decision.
  • US ADP, Trade Balance results and the Fed’s Beige Book in centre stage.

The Turkish Lira is depreciating vs. the greenback on Wednesday and is lifting USD/TRY to challenge daily highs near the 3.8100 handle.

USD/TRY focused on US docket

The pair picked up further pace after the Turkish central bank (CBRT) left unchanged its monetary conditions at today’s meeting.

In fact, the CBRT left the Overnight Lending Rate at 9.25%, the Overnight Borrowing Rate at 7.25% and the One-Week Repo Rate at 8.0%. In addition, the Late Liquidity Window (LLW) lending rate stayed at 12.75%.

In its statement, the central bank noted the economic activity remains strong along with a healthy domestic demand. In addition, demand overseas continues to support the exports sector.

Regarding prices, the CBRT acknowledged rising inflation and inflation expectations still poise risks, while core prices stay elevated, therefore prompting the continuation of the tight monetary conditions.

In the meantime, spot is extending the consolidative theme between 3.70 and 3.85 prevailing since the start of the year, all following the 7% decline in TRY during last year – the second worst EM performer.

Price action around the buck, crude oil dynamics and the almost omnipresent geopolitical jitters around Kurds remain poised to drive the sentiment around spot in the next months.

USD/TRY key levels

At the moment the pair is up 0.29% at 3.8051 and a breakout of 3.8139 (100-day sma) would aim for 3.8296 (high Mar.5) and finally 3.8456 (high Feb.9). On the flip side, the next support is located at 3.7827 (low Mar.6) followed by 3.7729 (low Feb.26) and then 3.7345 (low Feb.16).

Poland NBP Base rate in line with expectations (1.5%) in March 1

Poland NBP Base rate in line with expectations (1.5%) in March 1
Read more Previous

Fed Beige Book to likely reflect solid improvement in labor market - Nomura

According to analysts at Nomura, the Beige Book prepared for the 20-21 March FOMC meeting will likely reflect solid improvement in the labor market si
Read more Next