The Central Bank of the Republic of Turkey (CBRT) announced a monetary policy decision at 12:00 CEST. There was no surprise. The one-week repo rate, the main Turkish interest rate, was lowered by 150 basis points, from 10.50% to 9.00%. This occurs despite the fact that Turkish inflation is around 85%. The Turkish lira weakened on the release with EURTRY moving towards the 19.39 mark. However, the scale of the movement was quite small. The pair continues to trade below the resistance zone found below the 19.45 mark, which has capped some recent bullish moves.
EURTRY at H1 interval. source: xStation5
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