Free Trial

Despite earlier headlines of shots.....>

TURKISH LIRA
TURKISH LIRA: Despite earlier headlines of shots being fired at the US embassy
in Ankara, USDTRY trades flat into the European open holding either side of
Try6.00. A reminder that late on Friday Turkey was downgraded by some of the
major rating agencies. Moody's downgraded Turkey to 'Ba3' ('junk') with negative
out look. S&P cut Turkey's sovereign debt rating one notch to 'B+' and the
long-term local currency rating to 'BB-'. The WSJ also reported that the Trump
administration rejected an effort by Turkey to tie the release of a US pastor
with relief for a major Turkish bank facing billions of dollars in US fines.
Turkey has a number of public holiday's this week with markets again on headline
watch for direction. Resistance is seen at Try6.1613 which represents the 50%
retracement of Try6.3468-5.9758. USDTRY last Try6.0363.

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.