Turkish Lira is better bid in Asia with USD/TRY reporting a 1.29 percent drop on the day. Turkey’s President Tayyip Erdogan has warned the finance sector against buying foreign currencies. That is likely pushing Turkey’s currency higher. USD/TRY is currently trading at 5.6780, having printed session lows just below the former resistance-turned-support of the Jan. 3 high of 5.6371. Turkish President Tayyip Erdogan said on Sunday that those in the finance sector buying foreign currencies on the expectations that the lira will depreciate will pay “a very heavy price” and added further that the Finance Ministry is carrying out work on this. Erdogan’s comments come two days after lira’s 4 percent slide, which was the biggest since the currency crisis of August 2018. The slide was likely fueled by central bank’s report stating that forex deposits and funds including precious metals held by Turkish locals hit a record high in the week to March 15. Looking forward, the currency pair may revisit and possibly break above Friday’s high of 5.8414 as indicated by the double bottom breakout on the daily chart, as seen below. 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 Binance Coin goes to the moon on margin trading speculations FX Street 4 years Turkish Lira is better bid in Asia with USD/TRY reporting a 1.29 percent drop on the day. Turkey's President Tayyip Erdogan has warned the finance sector against buying foreign currencies. That is likely pushing Turkey's currency higher. USD/TRY is currently trading at 5.6780, having printed session lows just below the former resistance-turned-support of the Jan. 3 high of 5.6371. Turkish President Tayyip Erdogan said on Sunday that those in the finance sector buying foreign currencies on the expectations that the lira will depreciate will pay "a very heavy price" and added further that the Finance Ministry is… 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.
