Turkish lira is trading lower against the US dollar and euro today. Currency is weakening after Recep Erdogan, President of Turkey, fired CBRT Deputy Governor Murat Cetinkaya today. Move comes one week after Erdogan fired CBRT Governor and appointed a new one. Turkish monetary policy continues to be highly unpredictable in the medium term due to frequent interventions by President Erdogan and weakening of the domestic currency highlights it perfectly.
Taking a look at USDTRY chart at D1 interval, we can see that the pair has broken above the 78.6% retracement of a downward move started in November 2020 and is slowly approaching a recent high at 8.41, reached after firing of CBRT Governor last week. The pair trades around 3.5% below its all-time high at around 8.5670.
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Source: xStation5
