USD/TRY clinched new all-time highs beyond 7.71 on Thursday. The Turkish central bank (CBRT) hiked rates by 200 bps to 10.25%. Daily support is seen around 7.55 soon after the rate hike. After recording a new all-time peak above 7.71 earlier in the session, USD/TRY engaged in a downside correction to the 7.55 region soon after the interest rate decision by the CBRT. USD/TRY recedes from fresh all-time highs USD/TRY has quickly reversed the move to the new all-time high around 7.71 and dropped dramatically to the 7.55 region after the CBRT increased the One-Week Repo Rate by 200 bps to 10.25% (from 8.25%). The move – largely expected (anticipated?) by market participants – looks to bring in some relief for the lira in light of the unremitting decline observed since late July-early August and to renew the credibility in the centra bank (if still any at all). The CBRT also increased the Overnight Borrowing Rate and the Overnight Lending Rate by 200 bps to 8.75% and 11.75%, respectively. The central bank noted the uncertainty stemming from the coronavirus pandemic keeps undermining the growth prospects, all against the generalized accommodative stance in economies across the world. The CBRT also acknowledges that the economic activity in Turkey keeps recovering at a firm pace along with the solid credit momentum and the expected rebound in exports as well as lower commodity prices and the depreciated lira should all support the current account in the next periods. In the domestic docket, Turkey’s Capacity Utilization ticked higher to 74.6% in September and the Manufacturing Confidence eased a tad to 105.3 for the same period. USD/TRY key levels At the moment the pair is losing 0.86% at 7.6271 and a drop below 7.5522 (low Sep.24) would expose 7.4124 (low Sep.10) and finally 7.2019 (low Aug.21). On the upside, the next hurdle is located at 7.7151 (all-time high Sep.24). 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 USD/JPY climbs to one-week tops and retreats, up little around 105.40 area FX Street 2 years USD/TRY clinched new all-time highs beyond 7.71 on Thursday. The Turkish central bank (CBRT) hiked rates by 200 bps to 10.25%. Daily support is seen around 7.55 soon after the rate hike. After recording a new all-time peak above 7.71 earlier in the session, USD/TRY engaged in a downside correction to the 7.55 region soon after the interest rate decision by the CBRT. USD/TRY recedes from fresh all-time highs USD/TRY has quickly reversed the move to the new all-time high around 7.71 and dropped dramatically to the 7.55 region after the CBRT increased the One-Week Repo Rate by 200 bps… 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.