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Hawkish Fed Pushes USD/TRY Above 13.50, CBRT Inflation Report In Focus

TURKEY
  • 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
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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