USD/TRY offered post-CPI, near 3.7650

• Turkish CPI rose 1.02% MoM in January.
• USD/TRY supported near 3.7580.
• Turkey industrial production next on tap.

The Turkish Lira is appreciating vs. the greenback on Monday, taking USD/TRY to the mid-3.7600s following the release of inflation figures.

USD/TRY finds decent support near 3.7580

The pair is looking to stabilize in the upper end of the recent range following Friday’s sharp rebound in response to solid results from US non-farm payrolls for the month of January (200K).

TRY gathered some traction today after inflation figures in Turkey showed consumer prices rising at a monthly 1.02% during last month and 10.35% over the last twelve months from 0.69% and 11.92%, respectively. Further data noted producer prices rising 0.99% inter-month and 12.14% on a yearly basis.

In the broader picture, the pair is extending the consolidative scheme prevailing since the start of the year between 3.80 and 3.70.

Next of relevance in the Turkish calendar will be December’s industrial production figures, scheduled for Thursday.

USD/TRY key levels

At the moment the pair is down 0.12% at 3.7643 and a breakdown of 3.7260 (low Feb.1) followed by 3.7126 (low Jan.25) and then 3.6468 (200-day sma). On the other hand, the next hurdle aligns at 3.8000 (high Jan.30) would aim for 3.8195 (55-day sma) and finally 3.8491 (high Jan.22).