Economists at Credit Suisse currently see a relatively wide range of possible outcomes for USD/TRY in the run-up to the central bank’s meeting on Thursday, March 18. A sustained break below 7.45 requires a clear signal from the central bank to the effect that a rate hike is on the cards. Key quotes “Absence of central bank’s communication that would lead markets to expect a rate hike next week will probably prevent a sustained decline below the 7.45 area.” “USD/TRY could well spike above Monday’s high (of around 7.78) if at the same time real rates in the US once again rise sharply, as they did on Thursday last week (4 March). At extreme, in this TRY-negative scenario markets will likely eye late-November high of 8.04-8.05.” “A strong signal from the central bank to the effect that it is likely to raise the policy rate next week could see USD/TRY fall back to the 7.30-7.40 area – especially if markets are given a reason to price in the possibility of a relatively sizable rate hike (e.g. 200bps or more).” “Our underlying assumption is that an extended stabilisation in the BBDXY and US real rates alone would not create meaningful downside pressure on USD/TRY.” 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: Most Overbought Since Late 2016; What’s Next? – MUFG Kenny Fisher 1 year Economists at Credit Suisse currently see a relatively wide range of possible outcomes for USD/TRY in the run-up to the central bank's meeting on Thursday, March 18. A sustained break below 7.45 requires a clear signal from the central bank to the effect that a rate hike is on the cards. Key quotes "Absence of central bank's communication that would lead markets to expect a rate hike next week will probably prevent a sustained decline below the 7.45 area." "USD/TRY could well spike above Monday's high (of around 7.78) if at the same time real rates in the US once… 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.