Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
Slump in Turkish Lira Continues, USDTRY Nears Five Level

Slump in Turkish Lira Continues, USDTRY Nears Five Level

What's on this page

TRY talking points:

- USDTRY has hit a record high and further gains towards the 5.0 mark now seem likely.

- That has helped weaken emerging market currencies more generally.

Check out the IG Client Sentiment data to help you trade profitably.

Turkish Lira in freefall

The Turkish Lira remains under severe pressure Wednesday, with USDTRY nearing the 5.0 level for the first time and emerging market currencies more generally suffering as a result. The Lira has been undermined by Turkish President Recep Tayyip Erdogan’s promise to take even more control of the country’s economy and take more responsibility for monetary policy.

In addition, concerns about the Turkish elections due on June 24 are hitting sentiment as the markets worry about the Central Bank of Turkey losing its independence.

USDTRY Price Chart, Daily Timeframe (Year to Date)

Latest USDTRY price chart.

Chart by IG

The strength of the US Dollar and higher oil prices are additional worries even though, as the chart above shows, USDTRY has now been overbought judging by the 14-day relative strength index, or RSI, which is now well above the 70 level.

Resources to help you trade the forex markets

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you: analytical and educational webinars hosted several times per day, trading guides to help you improve your trading performance, and one specifically for those who are new to forex. You can learn how to trade like an expert by reading our guide to the Traits of Successful Traders.

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.