USD/TRY records new yearly tops around 8.4500 on Tuesday. President Erdogan sacked Deputy Governor M.Cetinkaya. Focus remains on the CBRT event on April 15th. The rout in the Turkish lira stays unabated for yet another session, pushing USD/TRY to fresh YTD peaks above 8.4500 on turnaround Tuesday. USD/TRY focused on CBRT USD/TRY adds to recent gains and climbs to fresh tops near 8.5000, just to recede some ground soon afterwards. The offered bias in the lira remains unchanged, however, this time exacerbated after President Erdogan sacked the CBRT Deputy Governor M.Cetinkaya. Erdogan replaced him with M.Duman, who worked with the now Governor S.Kavcioglu at the local lender Esbank back in the 1990s. In the meantime, investors continue to favour the outflows from the Turkish currency amidst mounting concerns of the start of another easing cycle by the central bank at its meeting on April 15th. On the latter, it is worth recalling that Governor Kavcioglu said on Monday that an interest rate cut is not guaranteed (wait, what?). What to look for around TRY The near-term outlook for the lira remains fragile to say the least. The new CBRT Governor S.Kavcioglu is expected to reverse (wipe out) the shift to a market friendly approach of the monetary policy that was successfully implemented by former Governor N.Agbal back in November 2020. President Erdogan’s appointment of Kavcioglu demonstrated once again whose hand is rocking the monetary cradle in Turkey and will most likely be the prelude of the return to unorthodox/looser measures of monetary policy in combination with rapidly rising bets of a balance of payments crisis and a drain of FX reserves. Against this backdrop, it will surprise nobody to see spot trading around 10.00 in the months to come. Key events in Turkey this week: Economic Confidence Index, Trade Balance figures (Wednesday) – March’s Manufacturing PMI (Thursday). Eminent issues on the back boiler: Potential US/EU sanctions against Ankara. Government pressure on the CBRT vs. bank’s credibility/independence. Bouts of geopolitical concerns. Much-needed structural reforms. Growth outlook vs. progress of the coronavirus pandemic. USD/TRY key levels At the moment the pair is gaining 0.86% at 8.2621 and faces the next up barrier at 8.4526 (2021 high Mar.30) seconded by 8.5777 (all-time high Nov.6 2020) and finally 9.0000 (round level). On the other hand, a drop below 7.7772 (high Mar.9) would aim for 7.4648 (200-day SMA) and then 7.1856 (monthly low Mar.19). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD flirts with session lows, remains depressed below mid-1.3700s FX Street 1 year USD/TRY records new yearly tops around 8.4500 on Tuesday. President Erdogan sacked Deputy Governor M.Cetinkaya. Focus remains on the CBRT event on April 15th. The rout in the Turkish lira stays unabated for yet another session, pushing USD/TRY to fresh YTD peaks above 8.4500 on turnaround Tuesday. USD/TRY focused on CBRT USD/TRY adds to recent gains and climbs to fresh tops near 8.5000, just to recede some ground soon afterwards. The offered bias in the lira remains unchanged, however, this time exacerbated after President Erdogan sacked the CBRT Deputy Governor M.Cetinkaya. Erdogan replaced him with M.Duman, who worked with the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.