USD/TRY sidelined around 3.64 post-data

The Turkish Lira is losing some ground at the beginning of the week, taking USD/TRY to the 3.6450 region for the time being.

USD/TRY bid after data

The pair is extending its consolidative theme around current levels, looking to find some stabilization following the drop from March’s highs above 3.78.

TRY stays offered so far after inflation figures in Turkey continues to edge higher. In fact, consumer prices tracked by the CPI rose at an annualized 11.29% and 1.02% inter-month, both prints surpassing initial estimates and adding to the rebound seen since November.

Further data saw Producer Prices also advancing 16.09% over the last twelve months and 1.04% on a monthly basis, while Markit’s Manufacturing PMI rose to 52.3 during last month.

USD/TRY key levels

At the moment the pair is up 0.17% at 3.6425 and a breakout of 3.6643 (high Mar.28) would aim for 3.6658 (20-day sma) and finally 3.6941 (55-day sma). On the downside, the immediate support lines up at 3.6147 (100-day sma) followed by 3.5837 (low Mar.27) and then 3.5552 (low Feb.23).