USD/TRY at 3.05 by year-end – TDS

By FXStreet FXStreet (Edinburgh) – Cristian Maggio, Head of EM Strategy at TD Securities, sees the Turkish currency losing ground towards the 3.05 area by end of 2015.

Key Quotes

“We have a forecast for USDTRY at 3.05 by yearend, but things can get much worse much faster than we expect”.

“In that case, the CBRT would likely intervene and, in fact, our forecasts incorporate emergency tightening to the tune of 300bp in the coming quarters (50bp this year, the remainder in H1 2016). By end-2016, we see TRY at 3.40”.

“The moves we see these days are going in that direction, it just seems all too fast and the fact that there’s no specific resistance above the new all-time high of 3.0120 may push the search for a new limit to the upside and exacerbate the selloff”.
For more information, read our latest forex news. …read more

Source:: FX Street