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Economists Eye CBRT/State Bank Intervention as USD/TRY Backs Away from 8.50

TURKEY
  • USD/TRY approaching the -1.00% mark for the day, having reversed off 8.4851 resistance.
  • Primarily a technical move with no real local catalysts other than slight weakness in the greenback
  • Next Support at 8.2995 & 8.2538
  • Interestingly, Economist Tim Ash speculates that the CBRT & state banks have have been eyeing using FX reserves as spot USD/TRY pulled closer to the 8.50 handle.
  • Gross reserves were at $49.7bn as of last week, we will watch this number closely come Thursday
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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