The USD/TRY pair remains directionless just below the 18.60 region for yet another session on Thursday.
USD/TRY keeps exchanging gains with losses, always within the broader range-bound theme and below the 18.60 regions for the time being.
Thursday’s price action appears as no exception despite the Turkish central bank (CBRT) reduced the One-Week Repo Rate by 150 bps at its event, more than the full-point raise estimated by the broad consensus.
Indeed, the CBRT walked (President Erdogan’s) talk and kept the easing cycle well and sound in October, leaving at the same time the door open to a similar move at the next meeting, which could be the end of the ongoing cycle, as per the bank’s statement.
So far, the pair is gaining 0.07% at 18.5950 and faces the next hurdle at 18.5980 (all-time high October 11) followed by 19.00 (round level). On the downside, a break below 18.2560 (55-day SMA) would expose 17.8590 (weekly low August 17) and finally 17.7586 (monthly low).