9 Jun 2015
USD/TRY: Lira remains pressured amid political uncertainty
FXStreet (Mumbai) - The Turkish lira remains under pressure versus the US dollar in the European session, with USD/TRY easing-off somewhat from record highs reached at 2.8117 on Monday. The lira remains undermined across the board as the ruling Justice and Development Party (AKP) is facing a challenge to form a coalition or minority government.
USD/TRY moves away slightly from all-time highs
Currently, the USD/TRY pair trades 0.29% higher at 2.7599, retreating from session highs at 2.7638. The pair trades higher as the lira came under renewed pressure as markets remain wary until a more certain political picture emerges in Turkey.
Meanwhile, President Recep Tayyip Erdogan has called on all political parties to "preserve the atmosphere of stability" in Turkey.
Erdogan added,"I believe the results, which do not give the opportunity to any party to form a single-party government, will be assessed healthily and realistically by every party."
USD/TRY Technical Levels
To the upside, the next resistance is located at 2.7638 levels and above which it could extend gains to 2.8117 levels. To the downside, immediate support might be located at 2.7410 levels and below that at 2.7372 levels.
USD/TRY moves away slightly from all-time highs
Currently, the USD/TRY pair trades 0.29% higher at 2.7599, retreating from session highs at 2.7638. The pair trades higher as the lira came under renewed pressure as markets remain wary until a more certain political picture emerges in Turkey.
Meanwhile, President Recep Tayyip Erdogan has called on all political parties to "preserve the atmosphere of stability" in Turkey.
Erdogan added,"I believe the results, which do not give the opportunity to any party to form a single-party government, will be assessed healthily and realistically by every party."
USD/TRY Technical Levels
To the upside, the next resistance is located at 2.7638 levels and above which it could extend gains to 2.8117 levels. To the downside, immediate support might be located at 2.7410 levels and below that at 2.7372 levels.