USD/TRY tumbles to lows near 2.98

The Turkish Lira remains firm vs. the greenback on Monday, now relegating USD/TRY to test multi-day lows in the 2.98 neighbourhood.

USD/TRY weaker on oil gains

TRY is extending its upside momentum as the ongoing rebound in crude oil prices have lifted the barrel of Brent crude back to the boundaries of the key handle at $45.00, or 2-week tops.

The bid tone around the Turkish currency has prompted the pair to retreat for the fourth consecutive day after last week’s tops near 3.03.

On the data front, Industrial Production in Turkey has expanded 1.1% on a year to June, down from the previous 5.6% gain and below forecasts for a 3.2% expansion.

In the US data space, the Fed’s Labor Market Conditions Index is due later following July’s Payrolls.

USD/TRY key levels

At the moment the pair is retreating 0.60% at 2.9825 facing the next support at 2.9698 (low Aug.1) followed by 2.9597 (61.8% of 2.8795-3.0959) and finally 2.9245 (200-day sma). On the other hand, a breakout of 3.0066 (20-day sma) would aim for 3.0285 (high Aug.4) and then 3.0965 (all-time high Jul.20).