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Turkey's Economy Continues to Grow

4/21/2023 12:42 PM

The USD/TRY pair is gradually growing, trading at 19.4009.

The quotes are moving within an upward range of 19.0000–19.5000, artificially holding in it for more than a year. Also, poor dynamics are due to the proximity of the presidential elections on May 14. According to preliminary polls, the country's incumbent leader, Recep Tayyip Erdogan, is narrowly ahead of his competitors, and the main factor that can ensure his final victory is success in economic matters. So, yesterday, Energy Minister Fatih Donmez commented on the actions to create an international energy center in Turkey, which will be able to provide gas exports of up to 45.0B cubic meters: according to him, there are already agreements on the gas supply with Russia, Azerbaijan, and Iran, as well as negotiations with some EU and Asian countries.

The US dollar is holding near 101.500 in the USD Index. The main reason for low volatility is poor macroeconomic statistics: initial jobless claims for the week amounted to 245.0K, which is higher than the 240.0K expected by analysts, as a result of which the total claims increased to 1.865M from 1.804M, which indicates ongoing problems in the US labor market.

On the daily chart, the trading instrument is moving within the global ascending corridor, approaching the resistance line around 19.5000.

Technical indicators keep a stable buy signal: the range of fluctuations of the EMA on the Alligator indicator is expanding upwards, and the AO histogram is forming corrective bars in the buying zone.

Resistance levels: 19.5000, 19.8000. | Support levels: 19.2500, 19.0000.

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