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Market Snapshot: Lira Nosedives 5.00% on Ukraine/Russia Vulnerabilities

TURKEY
  • USD/TRY extending past 14.50 (+4.99%) heading towards Res1 at 14.6264 if price action holds above 14.50. Res2: 14.8126, Res3: 15.0543
  • As noted this morning, Turkey is especially vulnerable due to its reliance on Russian & Ukrainian wheat and also natgas/oil flows. Additionally, deeply negative real yields provide little cushioning against selling pressure.
  • 5Y CDS +60bp
  • 2Y TurkGB yields up +144bp, While USD bond yields are +38-63bp higher with a bear flattening bias holding
  • BIST100 +8.70%
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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