USDTRY – 25/04/2017

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After the Turkish referendum USD started loosing value against TRY. However Turkey’s current credit note is “Not Investable” by all 3 credit agencies. Problems do not end with this, Turkey is having constant disagreements with European Union countries, increased inflation and double digit unemployment rate seem to create a big support at 3.57 level.

 

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On the other hand we all expect further hikes from FED throughout the 2017. Although Bist100 (Turkish Stock Market) is on all time high, it will not be a smooth road for Turkish Stock Market in the near future..

 

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USDTRY is trading around 3.58 right now. Our first target is 3.64 – 3.65 level. Once it is broken, we can see an extended rise to 3.72 level.

 

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This cannot be considered an investment advise!