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USD/TRY struggling to extend the bounce beyond 6.00

1 min read
  • Turkish Govt Spokesman’s comments offer some support to Lira.
  • Lira – a dead cat bounce? King dollar continues to rule.

The offered tone around the Lira is seen picking-up pace once again, now driving the USD/TRY cross further beyond the 6.00 handle.
The spot is making minor recovery attempts from a dip to four-day lows of 5.9211 after the Lira extended its recovery mode amid soothing comments from the Turkish officials.
However, it appears that the bears are back in control following reports that Turkey doubled tariffs on some US imports while Turkish court’s rejection of the US Pastor Brunson’s appeal also supports the Lira’s rebound from a record low of 7.2393 reached on Monday.
Further, the Lira receives fresh impetus from the latest comments delivered by the Turkish President Erdogan’s spokesman, citing that he expects the Lira’s recovery to continue.
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