USDTRY tumbles after a dramatic interest rate hike in Turkey!

13 September 2018

This content has been created by X-Trade Brokers Dom Maklerski S.A.

USDTRY is collapsing by as much as 4.5% after the central bank decided to lift interest rates from already a high level of 17.75% to as high as 24%, beating market expectations of 21 to 22%. This way the CRBT shows credibility in its attempt to tackle a surging inflation. Let us recall that a diplomatic conflict with the US has been very costly for Turkey as the USDTRY currency pair exploded from 5 to 7, fuelling a rise in inflation and automatically requiring higher interest rates. USDTRY is currently testing 6.00 with a strong support of 5.95. The trend line, possibly the next target for sellers, is far below.

This service is provided by X-Trade Brokers Dom Maklerski S.A. (X-Trade Brokers Brokerage House joint-stock company), with its registered office in Warsaw, at Ogrodowa 58, 00-876 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. X-Trade Brokers Dom Maklerski S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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