USD/TRY climbs to highs near 3.00

The Turkish Lira has reverted its initial positive tone vs. the greenback, now sending USD/TRY to print session tops in levels just shy of the 3.00 mark.

USD/TRY firmer on dollar’s pick up

After bottoming out in the 2.9730 area, the pair sparked a correction higher in response to a better momentum around the US dollar, managing to re-take the vicinity of the psychological 3.00 handle.

Spot is thus reverting its leg lower from historical highs below 3.10 recorded after the failed coup attempt in late July, helped at the same time by an increasing selling pressure in USD throughout last week on dovish Fed and poor US data.

USD/TRY key levels

At the moment the pair is advancing 0.23% at 2.9947 facing the next hurdle at 3.0259 (high Jul.29) ahead of 3.0965 (all-time high Jul.20). On the other hand, a breach of 2.9473 (55-day sma) would expose 2.9216 (200-day sma) and finally 2.8741 (low Jul.14).