DXY gains further despite TRY's weekly........>

FOREX: DXY gains further despite TRY's weekly rally nearing 20%

-While USD/TRY has been the bellwether for risk sentiment this week, today broke

that trend somewhat as G10 FX favoured risk havens despite USD/TRY dropping

below 6.00. News from Istanbul that Qatar are to make a $15bln investment in

Turkish financial markets and banks buoyed the TRY to extend the week's rally to

as much as 19%.

-Relief for the TRY translated to a modest recovery in most majors from fresh

cycle lows, allowing EUR/USD and GBP/USD to finish in only minor negative

territory after suffering from sharper losses earlier in the day, which

coincided with fresh 13-month highs for the DXY.

-JPY remained in favour throughout the day, prompting EUR/JPY to knock through

both 126 and, briefly, 125 as risk sentiment remained sour. EMFX failed to

benefit from the TRY recovery as commodity prices fell further: copper has

entered a technical bear market and WTI, platinum, palladium and silver all fell

over 3%.

-Focus turns to Japanese trade data, UK retail sales and US weekly jobless data.