Erdogan Fires Central Bank Governor, Cetinkaya

Turkish lira (USDTRY) gives up over 1.9 percent against the greenback after President Erdogan fired Murat Cetinkaya. Governor Cetinkaya, whose term was due to 2020, was replaced by deputy Murat Uysal, who was the deputy governor for three years and is one of the more dovish members of Policy Committee. Economists’, now looking Turkey’s central bank to start easing interest rates policy at July 25 meeting.

TRY lost over 8 percent of its value against greenback this year, the worst performer in emerging currencies after the Argentine Peso (ARS). On the technical side the pair will find support at 5.5810 the 150 day moving average while more bids will emerge at 5.55 round figure. On the upside first resistance stands at 5.7650 the 20 day moving average, then at 6.00, the high from May 30, while more resistance will be met at 6.19 the high from May 8th.Don’t miss a beat! Follow us on Twitter.