The Turkish Lira is posting marginal losses vs. the greenback at the end of the week, with USD/TRY returning to the 3.7400 neighbourhood ahead of US NFP.

USD/TRY fades the spike to 3.76

TRY has quickly depreciated to fresh lows in the boundaries of the 3.7600 handle earlier today after inflation figures have extended the up trend in January. In fact, consumer prices rose more than expected 2.46% on a monthly basis and 9.22% over the last twelve months.

Further results in the Turkish calendar saw Producer Prices up 3.98% inter-month and 13.69% on an annualized basis.

In addition, spot is advancing for the first time this week, as the Lira managed to extend the buying interest after last Friday’s peak just above the 3.9100 handle.

Later in the session, the pair should come under pressure from the USD-side in light of key releases in the US economy: Non-farm Payrolls, Factory Orders, Markit’s Services PMI and the ISM Non-manufacturing. In addition, Chicago Fed Charles Evans (voter, dovish) is also due to speak.

USD/TRY key levels

At the moment the pair is up 0.06% at 3.7399 facing the next resistance at 3.7747 (high Feb.2) followed by 3.7850 (20-day sma) and finally 3.8798 (high Jan.30). On the flip side, a breakdown of 3.7171 (low Feb.2) would expose 3.7161 (low Jan.13) and then 3.5997 (55-day sma).