April 29, 2024 11:01 GMT
Citi Selling USD/TRY 6m Forwards, JPM Say CBRT Policy Supportive for TRY Carry
TRY
- Citi strategists say they are now selling USDTRY 6m forwards as they believe the Turkish currency may further absorb flows over the next couple of months, according to a note cited by Bloomberg. “Risks to trade include an abrupt change in central bank’s stance to more dovish. Target: +5%, stop -2.5%”
- JP Morgan noted over the weekend that they continue to hold short 05-Apr-24 USDTRY forwards (entry ref: 45.59, target: 38, review: 48) as the CBRT kept policy rates on hold at 50% with a hawkish tilt, which remains supportive for TRY carry.
92 words