USD/TRY slumps to three-week low under 16.50 as Turkiye restricts lending to companies

remains sluggish amid the fears of faster rate hikes and US economic slowdown, not to forget geopolitical concerns surrounding China and Russia. It should, however, be noted that the hopes of overcoming the tough time, as well as cautious optimism ahead of this week’s key debate among the policymakers of the European Central Bank , Fed and the Bank of England , seem to favor the mood.

Moving on, Turkish President Recep Tayyip Erdoğan is up for meeting the policymakers during the day and will hold a press conference, making it the key event of the day for the USD/TRY traders to watch. Following that, US Durable Goods Orders for May, expected at 0.1% versus 0.5% prior, will be important to watch for fresh clues.USD/TRY’s downside break of a seven-week-old ascending support line, now resistance around 16.87, directs the bears towards the 50-DMA support near 16.00.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

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