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Lira Sell-Off Accelerates as the 15.00 Handle Gives Way

TURKEY
  • USD/TRY trades +0.61% higher this morning, resuming its push higher after breaking the 15.00 handle yesterday.
  • The cross is becoming increasingly volatile following the FOMC & April CPI numbers with headwinds to the lira increasing.
  • 1m implied vols have ticked up off their YTD lows in April an could head higher from here towards the 30 mark as a global market turbulence continues.
  • Markets have been unenthused by government’s inflation-linked bond proposal and other initiatives aimed at addressing dollarisation and runaway prices – leaving the lira exposed to further depreciation pressures.
  • As noted yesterday, state banks were active in the 14.90-15.00 region in march and will be monitoring lira price action closely in the coming days as we move into the 15.20-15.50 zone.
  • Intraday Sup1: 15.1267, Sup2: 15.0632, Res1: 15.2134, Res2: 15.3125
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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