USDTRY

Today, our main focus will be the Central Bank of the Republic of Turkey, TCMB. While the actions it has taken to combat inflation after the election are drawing attention, it is expected that the 1-week repo interest rate, which is 40.00 percent, will increase by 250 basis points in this meeting regarding the continuity of the struggle. As the GCM Investment Research Department, we also think that it will complete the year at 42.50 percent with the interest rate increase in line with the market median expectation. Since it is a known development that a result parallel to the expectation will come, sharp changes in the market pricing reaction should not be expected. When we evaluate the USDTRY exchange rate technically, the 28.83 level is important, but it may want to continue its positive outlook. With this thought, an increase can be observed towards the levels of 29.15, 29.25 and 29.35. Permanent movements above 29.40 may strengthen the upward trend. Otherwise, pressure can be observed. We may see (28.66) in such a pressure. Support: 28.95 – 28.66 Resistance: 29.25 – 29.40