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The volatility in the Turkish lira is breathtaking

After taking a crushing hit earlier, the Turkish lira is now higher on the day in an unprecedented day of volatility — even by the lira’s standards.

The news today wasn’t exactly good as USD-demoninated debt crashed at the fastest pace since March after Erdogan cited religion as a reason for lowering rates. The lira had fallen more than 11% intraday as well. Along with that, Erdogan also pledged to cut corporate taxes by 1%.

Whatever the catalyst, the chart is flashing an important signal today with a bearish outside reversal after a blow-off top.

Quotes for both EURTRY and USDTRY test 50% fibo retracements of the entire upward movement from 2021. A successful break below this level may trigger more sales of the pairs.


 Head of Trading Dimitar Kalapov

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