**Forex | Swing**
**USD/TRY Long**
September 28, 2022 | 08:58:55 UTC
USD/TRY hit new record high in fresh bullish acceleration after the pair traded within a narrow range, slightly elevated higher consolidation, a part of a larger uptrend from Dec 2021 trough at 10.2017. In addition to overall weakness on slowing economic growth and record-high inflation, lira was hurt lately by surprise action from Turkey’s central bank, which cut its interest rate by another 100 basis points on the policy meeting last week.
Turkey’s central bank brought its benchmark interest rate to 12%, disappointing wide expectations for 50 basis points cut, reducing its borrowing cost by 1% for the second consecutive month after it cut its interest rate by 700 basis points during the past year.