BREAKING: CBRT holds rates unchanged, TRY muted

The Central Bank of the Republic of Turkey announced a monetary policy decision today at 11:00 am GMT. As expected, CBRT decided to leave the main 1-week repo rate unchanged at 14.00%. It looks like CBRT has indeed run out of room for further rate cuts as central bank started to oppose pressure from Erdogan to continue to ease policy. However, Erdogan may have understood that easing cannot go forever - after all, he refrained from ousting the current central bank chief. When it comes to market reactions after the decision, it was minor. USDTRY ticked lower but the scale of the move did not exceed 0.1%. A look at USDTRY chart at H4 interval, shows that the pair is range trading between 13.35 and 13.65 as of late.

Source: xStation5

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