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Risk Premia Drift Lower as USD/TRY Trades Below 7.50 Handle

TURKEY
  • USD/TRY opens +0.52% as spot pulls back towards the 50% fib (7.4895) from yesterday's push lower towards 7.40
  • Seems to be mostly profit-taking amid thin markets.
  • With limited local catalysts the cross should track global sentiment & USD-side factors, but local TRY positivity remains strong post-CBRT.
  • Spot may drift around the 7.50 handle until more downside momentum/catalysts filter through.
  • Move through 7.40 opens up 7.3662 support & 200dma at 7.3015.
  • Implied volatility & 5y CDS continue to track lower.
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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