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Lira Gains 1.53% Against the Greenback Following Cautious Progress in Ukraine Talks

TURKEY
  • USD/TRY trades +0.44% higher this morning, trimming some of yesterday’s downside following Russia-Ukraine negotiations.
  • The cross closed -1.53% lower yesterday as Russia pledged to scale back military operations around Kyiv & Chernihiv, bolstering global risk sentiment and TRY.
  • Western officials and Zelensky have urged caution, however, and are awaiting more concrete signs of de-escalation and scope for a Putin-Zelensky meeting once an agreement has been formulated between negotiators and foreign ministers.
  • The lira will remain sensitive to developments in this regard and energy prices, with signs of falling energy prices bolstering the lira in the short-term.
  • However, domestic inflationary risks arising from CBRT policy remain prevalent and will not be fully offset by a de-escalation.
  • Intraday Sup1: 14.5619, Sup2: 14.4993, Res1: 14.7144, Res2: 14.7634
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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