- USD/TRY advances further near 14.00 on Tuesday.
- Turkey Manufacturing PMI came at 50.4 in February.
- Markets’ attention remains on the Russia-Ukraine conflict.
The Turkish lira loses further ground and pushes USD/TRY back to the proximity of the 14.00 neighbourhood.
USD/TRY looks bid amidst rising risk aversion
The worsening conditions in the Russia-Ukraine dispute continue to undermine any attempt of recovery in the risk complex and the EM FX.
By the same token, the march north in prices of oil and the rest of the commodities remains unabated and put the Turkish economy and the lira under extra pressure.
In the domestic calendar, the Manufacturing PMI eased a tad to 50.40 in February (from 50.50).
USD/TRY key levels
So far, the pair is advancing 1.02% at 13.9380 and a drop below 13.7143 (low Feb.25) would expose 13.5091 (low Feb.18) and finally 12.4317 (low Feb.11). On the other hand, the next up barrier lines up at 14.6052 (2022 high Feb.24) seconded by 18.2582 (all-time high Dec.20).