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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.
TURKEY
- USD/TRY trades -0.06% lower this morning, tracking early price action in the BBDXY.
- The cross continued to grind higher yesterday, marking an intraday high at 14.9189 – but failed to close above the figure.
- The FOMC will be the primary focus this week, with attention paid to Powell’s forward guidance and concern over the path of inflation.
- Locally, CPI & PPI data will also be monitored as headline figures look set to rise to 67.80% in April – shifting real policy rates to an eye-watering -53.8%.
- This should keep TRY under pressure in the medium-term with global policy divergences and worsening monthly trade deficits on elevated energy prices injecting additional devaluation pressures.
- Intraday Sup1: 14.8531, Sup2: 14.8305, Res1: 14.903, Res2: 14.9265
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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