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Mixed Trade, TRY Edging Higher

EMERGING MARKETS
  • EM currencies are generally mixed against the greenback, with TRY outperforming modestly as the currency claws back lost ground from the tail-end of last week. Similarly, ZAR trades modestly higher, but price action in USD/ZAR is contained so far.
  • Domestic newsflow across CEE, EMEA has been muted given the public/market holidays across most regions, but some attention has been paid to weekend reports that top EU officials including both Von Der Leyen and Charles Michel will visit Turkey in the coming days in a bid to revive ties between Turkey and the European Union.
  • USD/TRY trades just above the 8.10 level, with downside support kicking in at Friday's 7.9886.
  • Focus turns to data from Mexico, with Manufacturing PMI (Prev. 44.2) and IMEF Manufacturing & Non-Manufacturing Indices due to cross.

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