USD/TRY stays defensive around 14-day high near 17.50 as Fitch cuts Turkish credit rating – by anilpanchal7 USDTRY Credit RatingAgencies Growth Inflation
TRY slipped 0.4% after rating agency Fitch downgraded the country's debt rating to "B" from "B+" on Friday, citing rising inflation and economic concerns, per Reuters.
On the other hand, a record high print of the US one-year inflation expectations, as per the NY Fed’s survey of one-year-ahead consumer inflation expectations, join chatters surrounding economic slowdown to fuel the USD/TRY prices. That said, the NY Fed’s inflation precursor jumped to 6.8% in June, versus 6.6% prior.
That said, the pair traders should watch for risk catalysts for fresh impulse ahead of Wednesday’s US Consumer Price Index for June, expected 8.8% versus 8.6% prior.Despite the USD/TRY pair’s latest inaction around a two-week top, the quote’s daily closing above a downward sloping resistance line from June 09, now support around 17.33, keeps the bulls hopeful to refresh yearly low, around 17.50 at the latest.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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