Economy / Turkey
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Currency To Run Higher Against Euro
August 2008 | Market StrategySorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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The Turkish lira hit our short-term upside TRY1.7800/EUR target on August 11, appreciating further to at one point trade at TRY1.7600/EUR on August 12. Having now breached a medium-term trendline resistance level at TRY1.7800/EUR, an immediate move to subsequent resistance at TRY1.7000/EUR is looking likely. Should the currency continue its positive trend beyond this point, then quick gains to its 52-week high at TRY1.6600/EUR would be expected. To be sure, the lira's momentum against the euro can be attributed to the dollar bounce, with the greenback having pushed higher against its eurozone counterpart by 6.7% between July 22 and August