The main bank of Russian will likely turn hawkish today. Time to sell USD/RUB?
USD/TRY gets volatile after the rate cut
Today the central bank of Turkey cut its interest rate from 24% to 19.75% (vs. 21.5% expected). After the larger-than-expected rate cut by the Central bank of Turkey, USD/TRY initially tested the resistance at 5.7540 but fell sharply to the support at 5.6411. At the moment, the further direction of the pair is quite uncertain. If bears are strong, they will retest and break the support at 5.6411. The next support will lie at 5.6283. Bulls need to push USD/TRY to the 5.7048 level to confirm their strength. After that, the retest of the 5.7219, 5.74 and 5.7540 levels seems possible.
The New Zealand interest rate is announced on Wednesday at 03:00 MT time.
The Reserve Bank of New Zealand made announcements regarding its monetary policy. The NZD/USD dropped.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!