Overview I'm calling 2024 the end of Lira selling.
The Details
2024 could see Turkish inflation peak🗻
The main driving force of the TRY selling has been unconventional monetary policy, erratic changes of the head of Turkey's central bank and finance ministers, and undisciplined high inflation
A rate hiking cycle has been in play since May 2023 - rates hiking from 8.50% to 45.00% - and conventional monetary policy seems to have finally arrived😅
Erodgan seems more committed to tackling inflation and having central bank stability
Things to consider
I am not suggesting that Turkey is on the verge of a boom, though I am not ruling this out; inflation could be peaking, so the Lira may finally see strength. This will create an all-time high on the TRY charts.
I suggest that the aggressive uptrend could be coming to an end, even if that means TRY pairs start ranging.
The carry trade makes this an irresistible opportunity for me. I have been long TRYJPY since June 2023, which has resulted in generous daily swap payments💰
Every single inflation data published by Turkish Statistical Institute is manipulated by Turkish Government since 2018. USD/TRY pair is also controlled by the government. Most people in Turkiye is waiting for USD/TRY pair to become x2 or x3 in the next months and you are suggesting the the Lira may finally see some strength. I think you have little idea about internals of Turkiye.
MinimumWagerLvl1
⋅
@suddenFalcon84575, the internals does not work in technicals bro. Try is not going to x2 3x anytime soon. A stabilty and a correction to the currency is on the way. You are being manipulated by your own vision and the news you read. Samuel is pretty right about his idea. What you don't know is every pump has a dump and consolidation. It does not matter what most people think about anything. You own an apolgy to the Samuel as he really understand the value.