USD/TRY climbs further north of the 7.60 level on Monday. Wave of risk-off sentiment hits the EM FX space. Risks of a Balance of Payments crisis in Turkey stay on the rise. The Turkish lira depreciates further vs. the greenback at the beginning of the week, lifting USD/TRY to fresh all-time highs beyond the 7.61 mark. USD/TRY up on TRY-selling, dollar’s rally The Turkish currency accelerated its downside on Monday following headlines citing the country’s buffers against a crisis of the balance of payments could be depleted (or on the way to depletion). It is worth recalling that agency Moody’s cut Turkey’s sovereign debt rating to “junk” last week (in line with those of Egypt, Rwanda and Jamaica), while revising lower the outlook to “negative”, always on the back of rising risks over a balance of payments crisis. Adding to the upside momentum in the pair, the prevailing risk-off sentiment is also collaborating with the dollar’s firm demand. In the docket, Turkey’s Consumer Confidence is due on Tuesday ahead of Manufacturing Confidence, Capacity Utilization and the CBRT monetary policy meeting on Thursday. USD/TRY key levels At the moment the pair is gaining 0.97% at 7.6144 and faces the next hurdle at 7.6170 (all-time high Sep.21). On the downside, immediate support is located at 7.4360 (21-day SMA) seconded by 7.4124 (low Sep.10) and then 7.2961 (low Aug.28). 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 EUR/USD is about to break below the current September low at 1.1735 FX Street 2 years USD/TRY climbs further north of the 7.60 level on Monday. Wave of risk-off sentiment hits the EM FX space. Risks of a Balance of Payments crisis in Turkey stay on the rise. The Turkish lira depreciates further vs. the greenback at the beginning of the week, lifting USD/TRY to fresh all-time highs beyond the 7.61 mark. USD/TRY up on TRY-selling, dollar’s rally The Turkish currency accelerated its downside on Monday following headlines citing the country’s buffers against a crisis of the balance of payments could be depleted (or on the way to depletion). It is worth recalling that agency Moody’s… 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.