- Summary:
- Lira has hit a new all-time low against the dollar. USD/TRY is gravitating towards 30.42 as shown by the technical analysis.
Turkish Lira plunged to a new all-time low against the US dollar today. The constant depreciation of the Turkish currency continues as USD/TRY gained 0.42% on Monday. At the time of writing, the pair was trading at 28.758 during its New York session.
It seems as if Lira has no low, as the currency keeps hitting new lows every day. Even the efforts of the Turkish government have failed to stop the bleeding. Consequently, the dollar to the lira exchange rate is constantly surging.
Even a bigger cause of concern for the Lira bulls is the fact that the US dollar strength index has been in a downtrend since the last two weeks. However, this downtrend has failed to materialize into a rally in the Turkish lira which keeps sinking.
As a result, the following chart shows that the USD/TRY pair is slowly gravitating toward the 30.43 level which could be the next possible target in the coming months. Even aggressive rate hikes have failed to change the trajectory of the forex pair.
