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USD/TRY Grinds Higher as USD Strength Continues to Dominate

TURKEY
  • USD/TRY trades +0.02% higher this morning, mirroring early buying pressure on the BBDXY. The cross continued to grind higher in yesterday’s session EM FX remained under pressure across the board.
  • US disapproval of the life sentence handed down to Osman Kavala will likely dent positive progress made in US-Turkey relations during the Ukraine crisis, but not hold major ramifications for now.
  • With limited data on the agenda, the cross will continue to trade in line with USD-side drivers and global risk sentiment.
  • 14.8014 represents the next major resistance level. Intraday Sup1: 14.7722, Sup2: 14.7634, Res1: 14.7857, Res2: 14.8014
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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