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Profit-Taking & Catalyst Shortage Supporting USD/TRY Upside

TURKEY
  • USD/TRY opens higher after paring a portion of yesterday's UST-induced upside in the cross.
  • Profit-taking and a lack of local catalysts seems to be keeping the cross pegged higher, while peers ZAR & RUB appear to be the go-to EM plays for now.
  • CBRT minutes scheduled for today are unlikely to be particularly eventful, given the bank's unchanged tightening narrative.
  • $-side factors the key focus today ahead of US GDP.
  • Res1: 7.2002, Res2: 7.2489, Sup1: 7.1733, Sup2: 7.1125
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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