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Lira strengthens on expectations Trump will protect them from sanctions

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The Turkish lira provided one of the more notable moves of the day, surging 0.6% against the dollar after reports that they expect President Trump to protect them from sanctions imposed by U.S. Congress over Ankara’s planned purchase of a Russian missile defense system.   US officials have been vocal about using CAATSA sanctions if Turkey finalized a deal with Russia.

Price action on the USD/TRY daily chart shows price has tentatively found resistance from the 5.8000 handle.  If today’s pullback continues, key support may come from the 200-day SMA, which currently trades around the 5.5356 level.  Major support lies at the 5.4400 level.

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