USD/TRY at historical highs above 3.15

The Turkish Lira is intensifying its depreciation vs. the greenback today, lifting USD/TRY to all-time peaks above the 3.15 handle.

USD/TRY up on political jitters

The Turkish currency continues to lose ground during the European morning after the government has arrested two leaders of the pro-Kurdish HDP party - Peoples’ Democratic Party – the second biggest opposition group in the parliament.

Furthermore, several HDP lawmakers have also been detained, adding to the already rising anger and sparking further turmoil in the country.

Recall that following the recent failed military coup, PM R.T.Erdogan’s government has already detained over 110000 officials, including soldiers, judges, police as well as journalists.

On another direction and in the Turkish data space, inflation figures tracked by the CPI rose less than expected during October, 1.44% MoM and 7.16% over the last twelve months.

USD/TRY key levels

At the moment the pair is up 1.18% at 3.1468 facing the next support at 3.0918 (20-day sma) followed by 3.0495 (low Oct.20) and finally 3.0169 (55-day sma).