Disliked{quote} That hit on the TL late yesterday was also the 50% retrace of the rally from mid May, so a retest and move back up during the main daily session would be a good buy signal......Ignored
Where the market will take the Lira from here is tough to say. The price action we've seen the last two weeks has been baffling to me. I think the market is curios what Basci will do with rates this month. I personally think he will lower them, possibly by a full point or more as he makes "serious cuts" to satisfy Erdogan. If he holds steady we'll see the 2.05 or better that the market is antsy to touch. But, to run this down right now is a gamble at best and I believe that investors know this. It will be difficult for them to unwind profitably when they are caught off guard by a rate cut. It's safer to follow what we already know.