USDTRY is trying to hold on above the 8.00-8.05 support zone after the CBRT’s decision to hold rates at %19. The new chef of CBRT is known for his dovish economic ideas but rising inflation keep him from decreasing the rates at his first meeting. But the changes made in the decision announcement text, especially pulling out the “Rates can be increased further if necessary” sentence worries the investor about the possible earlier than expected rate cuts. Despite that %19 rates can be good for the Turkish Lira in the short term.
