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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.
TURKEY
- USD/TRY holds +0.08% higher this morning, retracing some of yesterday's move lower towards 9.50 in early trading.
- The averted diplomatic crisis saw TRY gains some much-needed reprieve after two sessions of acute weakness, but is far from out of the woods at this stage with the CBRT in the midst of its easing cycle.
- Although this diplomatic crisis has been averted, the interaction will likely be a black mark on the West's relations with Erdogan as his posturing has become more outwardly aggressive in recent months.
- Some analysts have even noted that recent encounter may see Biden snub Erdogan's request for a meeting at the upcoming G20 Summit in Rome (Octo 30-31).
- Today's price action will be key to gauge TRY sentiment, with a focus on 9.4867 support and 9.6625 resistance for confirmation of a break in either direction.
- Interestingly, the daily chart is showing negative RSI divergence, reflecting diminishing upside momentum on successive moves higher in price action – which could lead to a near-term retracement lower.
- Nevertheless, the medium to longer-term picture still remains concerning for TRY with sell-side expectations aligning with USD/TRY moving towards 10.20-10.50 in the coming months.
- Intraday Sup1: 9.5419, Sup2: 9.4867, Res1: 9.6625, Res2: 9.7121
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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