CBRT Launches TRY 490 Billion Deposit Purchase Auction

The news involves a monetary policy step specific to Turkey and has no direct impact on US stocks such as GOOGL. Technical indicators present a weak outlook: RSI at 34.8 is near oversold territory, MACD is below the signal line, and the price is below both the 20-day and 50-day moving averages. The recent close with a 1.88% decline confirms short-term pressure. However, the low RSI level may signal a potential buying reaction, making it difficult to give a clear directional signal. Therefore, my short-term outlook is neutral, but caution is advised against downside risks.

USDTRY is approaching overbought territory with an RSI of 69.7, suggesting the upward momentum could slow in the near term. Although the MACD remains in positive territory, it is hovering near the signal line, indicating weakening momentum. The Central Bank of the Republic of Turkey's (CBRT) TRY 490 billion deposit purchase auction could support the Turkish lira by providing liquidity to the market, potentially putting downward pressure on the exchange rate. However, given the current technical outlook and the limited impact of the news, a clear direction is difficult to determine. A sideways move or a slight pullback is expected in the short term.

EURTRY is trading at 53.415, posting a marginal decline of 0.01% over the past 24 hours. The RSI stands at 53.57, indicating neutral territory, while the MACD remains below its signal line, suggesting weak short-term momentum. The price is above both the 20-day and 50-day moving averages, but there is no clear directional bias at these levels. The Central Bank of the Republic of Turkey's (TCMB) 490 billion Turkish lira deposit auction, part of liquidity management, is not expected to have a direct impact on the exchange rate. Therefore, a sideways movement is anticipated in the near term.

The GBPTRY pair is trading at 61.85, recording a 0.27% increase in the last 24 hours. The RSI stands at 60, indicating neither overbought nor oversold territory, providing no clear short-term directional signal. The MACD line remains below the signal line, suggesting weak momentum. The Central Bank of the Republic of Turkey's (TCMB) 490 billion Turkish lira deposit purchase auction aims to provide liquidity to the market, which could have a short-term positive impact on the Turkish lira. However, the lasting effect of such operations may be limited, so the pair is expected to stabilize around current levels.