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- USD/TRY: Lira remains vulnerable, but current levels not offer a favourable risk-reward – Credit Suisse
USD/TRY: Lira remains vulnerable, but current levels not offer a favourable risk-reward – Credit Suisse
Pressure on the Turkish lira is set to persist for now. Nevertheless, economists at Credit Suisse are not convinced that buying USD/TRY at current levels necessarily offers a favourable risk-reward trade-off for short-term trading purposes.
Scope for USD/TRY to rally towards its next “rounded level” of 17.00
“Persisting demand for dollars is likely to push USD/TRY higher to the next ‘rounded’ level of 17.00 in the short run. However, introductions of new policies/instruments by the government aiming to curb dollar demand by locals seem on the cards.
“Although the lira remains vulnerable we do not necessarily see favourable risk-reward trade-off for buying USD/TRY at current levels for short-term trading purposes.”
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