Turkish lira under renewed pressure after markets in Turkey re-open after holidays

The USDTRY pair rose to 6.22 level on Monday, as markets in Turkey reopened after week-long holiday.
The lira was down 3.5% on Monday and attempts to break out of last week’s narrow range.
The outlook remains negative for lira on persisting worries over the independence of Turkish central bank and recent increased political tensions between the US and Turkey.
Traders fear that lira could retest recent record high at 7.1074 and fall further if inflation rises further (Aug CPI report is due on 3 Sep) with focus also on CBRT’s 13 Sep monetary policy meeting.

Res: 6.2300; 6.3430; 6.3975; 6.5650
Sup: 6.0713; 6.0226; 5.9607; 5.9209