USD/TRY prints historical tops above 3.17

The offered selling bias around the Lira plus the renewed sentiment around the greenback has lifted USD/TRY to fresh all-time tops above 3.1700.

USD/TRY amidst domestic jitters and US elections

TRY has extended its sell-off at the beginning of the week as political effervescence in Turkey remains on the rise. Latest news cited PM B.Yildirim has accused the Peoples’ Democratic Party (HDP) of funding terrorism on Sunday, two days after the government detained the HDP’s leaders.

Collaborating with the pair’s upside, the greenback has sharply reverted part of last week’s drop after the FBI cleared Democratic candidate H.Clinton over the recent emails case.

Apart from the US election on Tuesday, Turkey’s Industrial Production is due tomorrow ahead of Current Account results on Friday.

USD/TRY key levels

At the moment the pair is up 0.28% at 3.1672 facing the next resistance at 3.1746 (all time high Nov.7). On the flip side, a breach of 3.1005 (20-day sma) would expose 3.0495 (low Oct.20) and finally 3.0248 (55-day sma).