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Free AccessRate pressed higher still Tuesday,.....>
TURKISH LIRA: Rate pressed higher still Tuesday, adding to yesterday's gains to
top out at 6.1982, the highest level since October last year. The formation of a
golden cross (50-dma > 200-dma) has helped bulls further this week with
Erdogan's sabre-rattling this morning: "Turkey is facing economic sabotage",
"exchange rate - interest - inflation are the triangle of evil" also working
against the TRY.
-Political rancour has run higher this week as the Turkish election watchdog has
conceded that the Istanbul mayoral race must be re-run after Erdogan protested
his party's loss. New elections in the city will be held on June 23rd.
-USD/TRY's run higher today stopped just short of the 6.1992 level, marking the
50% retracement of the 7.2362 - 5.1621 move, with further resistance seen at
6.4439.
-Short-end implied vols have run higher, with 1m hitting the best levels since
end-April but are yet to recover back to recent cycle highs of 39.8 points.
USD/TRY hedging activity has been frenetic so far Tuesday, although USD/TRY puts
have been in demand, running somewhat counter to the price action in spot today.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.