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Lira Opens On the Front Foot, Pulling Back From Prior Lows

TURKEY
  • USD/TRY trades -1.73% lower this morning, making a sharp turnaround after falling just short of yesterday’s highs at 11.8749.
  • This aligns broadly with USD weakness this morning and a relatively quiet session yesterday with no major headline risks to rattle sentiment.
  • With limited data on the agenda, the cross will likely be driven by global risk sentiment and idiosyncratic factors today.
  • Traders should continued to favour fading bouts of TRY strength ahead of the next CBRT meeting on expectations for further rate cuts, however. US trade balance is the notable data point for today.
  • Next major support in USD/TRY comes in at 13.4539, followed by 13.3113, Res1: 13.682, Res2: 13.8307
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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