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Turkish Regulator Left the Interest Rate Unchanged

3/24/2023 1:08 PM

The USD/TRY pair is moving in a narrow ascending corridor with borders of 18.5000–19.5000, having been artificially held there for a long time, and is currently at 19.0450.

Despite all efforts to stabilize the lira in the country and depreciate the dollar on world exchanges, the positive dynamics continue. Yesterday, the Central Bank of the Republic of Turkey decided to leave the rates unchanged: the key rate at 8.50%, overnight borrowings rate at 7.00%, and the overnight lending rate at 10.00%. Thus, the regulator took a break in the global cycle of monetary easing, as the country needs to focus on earthquake relief. Among the main reasons for the poor dynamics of the currency, experts name the rapidly rising public debt, which amounted to 4.211T lira in February, having risen from 2.729T lira a month earlier.

The US dollar reversed and formed a local growth, reaching 102.200 in the USD Index against the background of a positive report on the labor market, according to which, initial jobless claims decreased to 191.0K from 192.0K earlier, better than the forecasted increase to 197.0K. The total claims number is 1.694M compared to 1.680M last week.

On the daily chart of the asset, the trading instrument is moving within the next wave of the global ascending corridor without serious prospects for any directional movement.

Technical indicators keep an unstable buy signal: the EMA fluctuation range on the Alligator indicator is in a buy state, not moving far from the signal line, and the AO histogram forms corrective bars in the buy zone.

Resistance levels: 19.1000, 19.5000. | Support levels: 18.6630, 18.2300.

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