BREAKING: TRY gains as CBRT leaves rates unchanged

12:05 PM January 20, 2022

The Central Bank of the Republic of Turkey announced a monetary policy decision at 11:00 am GMT. CBRT decided to leave rates unchanged with main 1-week repo rate staying at 14.00%. Such a move was expected by the markets. However, it came as a small relief after Erdogan's comment earlier this week, who said that rates will continue to be lowered. Turkish lira gained following the decision but scale of moves was nowhere as big as in case of previous meetings.

Taking a look at the USDTRY chart at H1 interval, we can see that the pair moved below the short-term swing level at 13.35 and is heading towards the support zone at 13.11, marked with 23.6% retracement of upward move started over Christmas.

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Source: xStation5

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