Turkey won’t get any concessions for releasing pastor

United States of America won’t make any concessions to Turkey in order for the latter to release US citizen. Trump said that he wasn’t concerned that higher steel and aluminium tariffs imposed on Turkey would have a negative effect on Europe. USD/TRY remained relatively unimpressed on Monday, but further developments could give rise to volatility.

USD/TRY continued to trade in a sideways manner yesterday between the 5.9500 support line and the 6.2800 resistance level. If the pair comes under selling interest we could see it breaking the 5.9500 support line, while should it find fresh buying orders along its path we could see I breaking the 6.2800 resistance level.