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- USD/TRY could overshoot to well beyond 18 – Commerzbank
USD/TRY could overshoot to well beyond 18 – Commerzbank
So far this year to 14 June, the lira is already down 23%, after ending 2021 down by 44% against the US dollar. Economists at Commerzbank do not rule out the USD/TRY pair surging above their 18 forecast by end-2022.
Significant USD/TRY overshooting to attract sudden announcements and ad hoc intervention
“As Turkey’s inflation-FX spiral further unfolds, we warn about significant USD/TRY overshooting, which will likely attract sudden announcements and ad hoc intervention by policymakers. In this phase, USD/TRY could overshoot to well beyond 18.00.”
“Whether the response will be meaningful, or a continuation of nonsensical ideas about ‘liraization’ – only time will tell – but, our forecast of 18.00 USD/TRY by year-end does not represent a belief that the exchange rate cannot rise above this level.”
See: USD/TRY to race higher towards the 19 level – TDS
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