The Central Bank of the Republic of Turkey lowered its main rate from 12% to 11.25% today. The move was expected as the Bank continues to lower borrowing costs following emergency rate hikes in 2018. Turkish lira is strengthening against the US dollar today and the move accelerated following CBRT announcement.
USDTRY deepened decline following CBRT rate announcement. The pair tested short-term support at 5.86 but failed to break lower. Source: xStation5
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