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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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Free AccessHawkish Fed Pushes USD/TRY Above 13.50, CBRT Inflation Report In Focus
- USD/TRY trades +0.39% higher this morning , tracking sustained buying pressure on the BBDXY following last night’s hawkish FOMC meeting.
- Powell gave the nod to a march rate hike, but also noted that thought it “appropriate at this time to provide information regarding its planned approach for significantly reducing” the balance sheet – sparking a hawkish reaction and shifting the tone to risk-off.
- US equities pared gains sharply following the meeting as Treasury yields spiked higher – putting pressure on EMFX across the board. Post-Fed reaction will likely dominate markets today as investors digest the meeting.
- Local focus is on the CBRT’s inflation report, with analysts curious as to how far off its estimates will be from expectations for a surge in inflation to 50-55% in May.
- USD/TRY has moved through the 13.50 handle, but will need to breach 13.682, to open up the prior highs just shy of 14.00.
- Analysts believe that state banks and the CBRT may defend this 14.00 level to attempt to maintain TRY stability.
- Intraday Sup1: 13.5489, Sup2: 13.4262, Res1: 13.682, Res2: 13.749
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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.