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Rate has benefited from the general....>

TURKISH LIRA: Rate has benefited from the general risk-off tone across EMFX so
far, breaking above 6.00 for the first time since October last year. So far,
spot has topped out at 6.0405 and bulls will have taken confidence from the
formation of a golden cross (50-dma > 200-dma) today. Local news is relatively
quiet, with focus remaining on trade ire between the US and China. Reports that
state banks have been selling USD throughout the morning appears to have
stabilised spot somewhat, but ongoing political disruption in Istanbul is likely
doing the currency no favours.
-TRY vols are bid across the curve, with the short-end seeing some reprieve
after nine consecutive session of losses. 1m vols are higher by just over 1
point at writing.
-Firmer resistance may kick in at the 6.1853 level, marking the 50% retracement
of the 7.2362 - 5.1344.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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