The AUD to TRY exchange rate is currently seen as bullish.
Interest rate expectations show the Reserve Bank of Australia (RBA) likely to raise rates, which could enhance the AUD's appeal against a context where the Turkish Central Bank is expected to cut rates in the near term. This rate differential is a significant driver of currency movements. Additionally, recent forecasts indicate a robust economic outlook for Australia as demand for exports remains strong, while Turkey faces challenges like inflation targets and a declining current account deficit.
In the near term, the AUD/TRY could trade within a range reflecting its recent highs, pointing towards continued strength against the TRY.
An upside risk could arise if Australia's commodity prices surge unexpectedly, boosting the AUD further. Conversely, a downside risk may be triggered by worsening economic data from Australia or a sudden escalation in Turkey's political or economic instability, which could derail the recent bullish trend.