USD/TRY flirting with highs near 3.02

The buying pressure around the greenback is now pushing USD/TRY to the area of daily highs in the 3.02 neighbourhood.

USD/TRY stronger on NFP, oil drop

TRY is deriving extra weakness from the softer tone in crude oil prices, with the barrel of Brent crude shedding nearly 1%, trading in sub-$44.00 levels and snapping a 2-day positive streak.

In addition, another very auspicious results from July’s US Non-farm Payrolls (255K vs. 180K exp.) are giving extra legs to USD, helping spot to revert the initial bearish note and extending the bounce off the 3.00 area.

USD/TRY key levels

At the moment the pair is advancing 0.11% at 3.0148 facing the next hurdle at 3.0285 (high Aug.4) ahead of 3.0965 (all-time high Jul.20). On the other hand, a breach of 2.9698 (low Aug.1) would expose 2.9489 (55-day sma) and finally 2.9229 (200-day sma).