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USD/TRY: Downside limited to 8.30 even if CBRT stays on hold – Credit Suisse

FXStreet reports that economists at Credit Suisse do not see a compelling risk-reward to buying USD/TRY ahead of tomorrow’ CBRT meeting.

“We think that a policy rate cut of 50bps would lead initially to a spike in USD/TRY above its all-time high of 8.80. Still, given the recent rally in USD/TRY we also see a possibility of a drop in USD/TRY to the 8.50-8.55 area in case the central bank remains on hold. Overall, we do not see a compelling risk-reward trade-off in favour of buying USD/TRY ahead of tomorrow’s central bank meeting.”

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