Turkish lira weakened to a new record low, will we see intervention from turkey government

Turkish lira technical analysis update 

My scenario as you probably know and I said more than once that the trend is still in place and we expect a new record for areas of 4.12 + _ as long as Turkish lira rate 3.52 level will hold!

turkish lira rate

Traders are also concerned about the outlook for monetary policy after President Tayyip Erdogan last week said a lack of government intervention in monetary policy had left Turkey saddled with high inflation.
The yield on the benchmark 10-year bond rose to 12.86 percent in Tuesday-dated trade from 12.68 percent in Monday’s spot trade. The 2-year benchmark bond was at 14.21 percent in Tuesday-dated trade, up from 13.83 percent on Monday.
The central bank has attempted to limit some of the impacts of the recent forex swings and reassure local businesses by selling forward foreign exchange contracts to help them hedge against further currency moves. But the $3bn worth of auctions — outlined over the weekend — did little to reverse the recent market trend.
Turkey’s current account deficits averaged $4.75 billion a month for the last three months, the widest since 2013, according to data from Macquarie.

usd try analysis

Let us go to business:
I’m covering the try since many years , I mention not one that we are going to see the Turkish going over 4 to 4.11-4.20 ,today the USD/try reached for now a new low – check the charts – if I’m seeing the right picture so we are in process of creating new lows above 4 , but the question if it will stop there
Looking on the charts showing us 2 times in history that it happens so I’m guessing this time it will be the same behavior, but the question is if there will be any innervation from turkey government on those numbers ???
My scenario as you probably know and I said more than once that the trend is still in place and we expect a new record for areas of 4.12 + _ as long as Turkish lira rate 3.52 level will hold!!!

usd try forecast

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