USD/TRY belongs to the exotic group of Forex currency pairs, that’s why traders don’t trade it regularly. However, these days this pair is in the focus of all the trading community!
Pound Is Rising Against Euro and Dollar
2021-10-01 • Updated
After GBP/USD hit the lowest level since December 2020, it has reversed up and gained some strength. It has managed to break above the psychological mark of 1.3500. A short pullback to 1.3500 may happen after such as strong breakout. However, the rally should last for longer. The doors to the high of September 29 at 1.3550 are open. The breakout above it will push the pair up to the psychological mark of 1.3600. Support levels are at the recent lows of 1.3450 and 1.3415.
The US dollar was strengthening amid rising energy prices, expectations of the soon Fed’s tapering, causing a risk-off mood in markets. However, the US dollar has lost steam and allowed risk-on currencies like the pound sterling to advance.
The UK has revealed Final Manufacturing PMI, which came out better than expected: 57.1 vs the forecast of 56.3. Besides, US jobless claims came out worse than expected. All eyes are now on US ISM Manufacturing PMI at 17:00 GMT+3, which can change the track for the GBP/USD pair. A better-than-expected US PMI may press GBP/USD down, while worse – up.
On October 28 European Central Bank held a press conference. Inflation has hit Europe and now the time has come for more profound steps in the fight with the post-pandemic economy. What should we know to trade these events?
The Turkish lira has been pressed by Turkey’s central bank (CBRT). Analysts believe USD/TRY will reach 10.00 by the year's end.
Are you searching for trade opportunities for December 6-10? Here you go!
Both omicron and Powell’s comments increased volatility in EUR/USD. What to expect further?
There has been extreme depreciation in TRY assets recently…