TRY Tipped To Hit New Record Lows Vs USD

Foreign exchange strategist at UniVCredit, Roberto Mialich, suggests the US Dollar is tipped to stay strong on the near-term outlook, in particular against the Euro, Swedish Krona and Turkish Lira.

Several salient points emerge from Mialich’s analysis:

US debt ceiling deal unlikely to push EUR/USD much beyond 1.0850.
US Dollar is strong despite US debt ceiling discussions.
Stronger SEK in the long run, but volatility likely in the near term.
Turkish lira tipped to hit new record lows against the US Dollar
EUR-USD Exchange Rate and US Debt Deal

The Euro to Dollar (EUR/USD) exchange rate remains around 1.0750, and expectations of a US debt deal do not seem to significantly impact this pair at present.

A deal that reduces risk aversion across the market isn’t expected to lift the EUR/USD pair much beyond 1.0850, given the ongoing repricing of Fed rate expectations….

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