USD/TRY tumbles below 2.98, session lows

The Turkish Lira keeps the solid momentum today, sending USD/TRY to test fresh lows in the 2.9770 region.

USD/TRY lower on oil, USD

Spot is losing ground since Thursday’s rejection from tops around 3.0280, coming down to test multi-day troughs in sub-2.9800 levels.

The rebound in crude oil prices has lifted the barrel of Brent crude to the boundaries of the $46.00 mark on Monday, lending extra legs to TRY.

In addition, the upbeat momentum around the greenback has eased a tad in recent hours, collaborating with the downside.

Very light calendar ahead in the week for TRY, with only June’s Current Account figures expected on Thursday.

USD/TRY key levels

At the moment the pair is retreating 0.13% at 2.9788 facing the next support at 2.9698 (low Aug.1) followed by 2.9501 (55-day sma) and finally 2.9227 (78.6% Fibo of 2.8755-3.0959). On the other hand, a break above 3.0285 (high Aug.4) would expose 3.0965 (all-time high Jul.20).