Dashboard

Solid News

Turkish Manufacturing Confidence Rise for the Third Month in a Row

3/29/2023 11:09 AM

The USD/TRY pair is artificially held within an extremely narrow upward range of 18.7000–19.3000 ahead of the presidential election scheduled for May, 14.

The incumbent President of Turkey, Recep Tayyip Erdogan, is in favor of maintaining the stability of the national currency and the current rate of monetary policy, so the price fluctuations of the lira at this time are practically excluded. The data on the Manufacturing Confidence Index for March were published yesterday, which recorded a correction to 105.2 points from 102.4 points earlier, being the third consecutive month of improvement in the index from 97.5 points in December 2022. On Thursday, the Turkish Statistical Institute (Türkstat) will release its Economic Confidence Index, which is also expected to rise to 100.0 from 99.10 in February.

The US dollar has been holding around 102.200 in the USD Index for the third day already, and there is a lack of statistics that can change the dynamics now. Yesterday, the Conference Board's traditional monthly consumer confidence index for March was published, which showed an increase to 104.2 points from 103.4 points in February, and it was these data that could provoke investors to buy the dollar but this did not happen.


On the daily chart, the trading instrument is moving within the next wave of the global ascending corridor, slowly approaching the resistance line at 19.3000.

Technical indicators keep a stable buy signal: the EMA fluctuation range on the Alligator indicator is in a buy state, slowly moving away from the signal line, and the AO histogram is forming corrective bars in the positive zone.

Resistance levels: 19.1400, 19.3000. | Support levels: 19.0660, 18.9000.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Mail Us
[email protected]
Call Us
+35 924 928 392


Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using solidecn.com you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024 SolidECN.com