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Free AccessLira Bucks the Trend as EM FX Gains Against the USD
- USD/TRY trades +0.15% higher, bucking broad EM strength vs the greenback in improved risk conditions.
- The cross fell -0.15% in choppy fashion to reach an intraday low of 14.7481 before closing at 14.7897.
- The trade deficit continued to widen in March reflecting Turkey’s ongoing issues with surging import prices and acute vulnerabilities to the Ukraine crisis.
- TRY weakness is also weighing on exporters, who are now calling for changes to Government’s policies aimed at slowing dollarisation through forced FX conversions.
- Next week the focus shifts to inflation data with headline metrics expected to rise to 69% y/y in headline – further deepening Turkey’s negative real policy rates.
- Additional pressure from the Fed’s expected 50bp rate hike, should also add additional pressures on Turkish assets as the CBRT remains resolute in its stance on low policy rates.
- Intraday Sup1: 14.7811, Sup2: 14.7634, Res1: 14.8138, Res2: 14.8316
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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.