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TURKEY
  • USD/TRY trades +0.54% higher this morning, diverging early selling pressure on the BBDXY. Higher UST yields and destabilising remarks regarding further easing for Erdogan saw TRY make a move up towards 13.70 with buyers stepping in below the 13.50 level.
  • The broad consensus going in to tomorrow’s CBRT is for not only a hold on policy, but more inflationary pressures and TRY weakness in the pipeline for 1H22.
  • Most Analysts believe that fading bouts of TRY strength remains the best approach in 2022, despite recent policy tweaks aimed at slowing dollarization.
  • Attention remains on the YTD highs just shy of 14.00 for the next leg higher.
  • Intraday Sup1: 13.5087, sup2: 13.4539, Res1: 13.6614, Res2: 13.7261
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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