BREAKING: TRY drops after CBRT cuts in-line with expectations

11:05 AM November 24, 2022

Central Bank of the Republic of Turkey (CBRT) announced a monetary policy decision at 11:00 am GMT. There was no surprise. One-week repo rate, the main Turkish interest rate, was cut by 150 basis points, from 10.50% to 9.00%. This comes in spite of a Turkish CPI inflation sitting at around 85%. Turkish lira weakened on the release with EURTRY moving towards 19.39 mark. However, scale of the move was rather small. The pair continues to trade below the resistance zone ranging below 19.45 mark, that has limited a few recent upward moves.

EURTRY at H1 interval. Source: xStation5

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