USDTRY

The USD/TRY pair is showing a weak trend today among emerging market currencies. The Taiwanese Dollar is the weakest currency with a 0.28% decrease, while the Turkish Lira is also on the weaker side of the list with a 0.10% loss in value. The inflation data for November, set to be announced later in the day, will affect the timing of a potential interest rate cut by the Central Bank of the Republic of Turkey (CBRT). While the annual inflation is expected to decrease to 46.72%, there is a monthly inflation expectation of 2.00%. These figures are anticipated to influence the trend of the USD/TRY pair and shape expectations around a potential interest rate cut.

In technical analysis, the USD/TRY pair is trading just above the support level of 34.66. In downward movements, levels of 34.56 and 34.54 are being monitored as support. In upward movements, resistance levels of 34.78, 34.84, and 34.89 become significant. The RSI indicator is at 60 and shows a positive outlook. The pair increased by 0.11% compared to the previous day. Which direction the compression between 34.54 and 34.89 will break could be decisive for the short-term direction of the pair.