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The lira has depreciated as those......>

TURKISH LIRA
TURKISH LIRA: The lira has depreciated as those who watched a joint press
conference from Turkish President Erdogan and U.S. President Trump were left
with an impression that the key sources of tension remain unresolved. Erdogan
criticised U.S. lawmakers for recognising the 1915 Turkish killings of Armenians
and didn't seem to back off on foreign policy issues. Meanwhile, U.S. President
Trump said that he wants to strike a $100bn trade deal with Turkey, but also
called Ankara's purchase of Russian S-400 missile system a "serious challenge"
in bilateral relations.
- USD/TRY has consolidated around the present levels after advancing from the
off. It currently sits at TRY5.7696, ~300 pips better off. Bulls look for a
break above the Nov 11 high of TRY5.7955 to regain topside momentum. Bears would
be pleased by a retreat back below the 50-DMA at TRY5.7549, which would open up
the 100-DMA/200-DMA at TRY7.7111/057. Worth keeping an eye on these DMAs for any
signs of an imminent bearish crossover.

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