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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.
TURKEY
- USD/TRY trades a fraction lower around the open, as sideways trading in the 8.50-8.60 range resumes.
- The rout in Chinese equities that rattled global risk sentiment in yesterday's session ended in a mostly flat close for USD/TRY with the BBDXY ending marginally lower on the day.
- EU threats to reverse Ankara's actions in Varosha or face potential actions in the September meeting add to brewing sanctions risks.
- Erdogan, however, seems unlikely to backtrack on the issue – which is likely put Turkey on a collision course with the EU in the lead-up to the meeting and weigh on TRY sentiment.
- With price action mostly contained in a narrow lateral range, 1m implied vol has slipped to a new 12-month low – raising vol-adjusted carry in TRY assets to among the highest in the EM space.
- Focus today will be on the FOMC meeting, with a neutral outcome expected to exert some marginal selling pressure on the dollar post-meeting.
- Intraday Sup1: 8.5419, Sup2: 8.5042, Res1: 8.5808, Res2: 8.6064
USD/TRY 1m Vols
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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