Lira may rise to five-month high vs dollar

Bloomberg

The U.S. dollar gained against the lira yesterday, climbing 0.3 percent to 1.5685 liras at 5:12 p.m. in Istanbul. But since May 1, the greenback lost 1.4 percent against the lira. The currency’s next milepost is 1.5335, according to momentum indicators measuring price movements, Mattern said. "If the market has enough momentum to go below 1.49 per dollar then the story will be quite different in terms of strength of the lira, and 1.49 level looks now as a reference before a new rally," Mattern said. "The outlook remains negative on the dollar."