Free Trial

USD/TRY Grinds Through March Highs as Ukraine, Global Risks Persist

TURKEY
  • USD/TRY trades +0.18% higher in line with sustained buying pressure on the BBDXY and broad-based risk-off across global markets.
  • The cross resumed its grind higher last week as UST yields continued to push higher alongside continued tensions in Ukraine.
  • Price action is now through the 08 March highs with 14.80-14.89 becoming the next topside target zone. Markets will keep an eye on Erdogan’s meeting with UNSG Guterres as mediation efforts with Ukraine & Russia resume.
  • However, talks remain stalled with Putin seeming focused on continuing the conflict in the Donbas/Luhansk regions before looking to negotiate.
  • Intraday Sup1: 14.7634, Sup2: 14.74, Res1: 14.7811, Res2: 14.8014
  • Turkey 5Y CDS


MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.