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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.
TRY
Spot USD/TRY operates at TRY19.5043 as we type, a touch lower on the day, with all eyes on the Turkish election campaign ahead of the May 14 polls. USD/TRY 1-week implied volatility (which now captures the election) shot higher this morning and sits at 63.52% versus Friday's close of 8.35%. The measure has reached its best levels since January 2022 and exceeds 1-week implied volatilities of all currencies tracked by Bloomberg.
- EUR/TRY has edged higher, piercing the prior intraday high. The pair last deals at TRY21.5708, with bulls setting their sights on Apr 27 all-time high of TRY21.7214. The rate's 1-week implied volatility jumped to levels last seen in early 2022 and last sits at 44.04%.
- Turkish stocks trade on the front foot this morning, with the Borsa Istanbul 100 Index up ~0.5% at typing.
Fig. 1: USD/TRY vs. USD/TRY 1-Week Implied Volatility
Source: MNI - Market News/Bloomberg
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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