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Traders Wade Back Into USD/TRY After Period of Relative Calm

TURKEY
  • USD/TRY trades +2.18% higher this morning, retracing the late session move lower to test 13.175 support.
  • The cross broke out of its sideways range following US CPI, but the catalysts to the TRY rally were not 100% clear, but may have just been pent up pressure from a weaker USD.
  • After a period of relative calm as markets assessed constant govt tweaks to policy, this may indicate traders wading back in to speculate on TRY.
  • On the political front, citizens have voiced their displeasure with the current economic programme via the polls -showing broadening support for the opposition alliance.
  • Some political analysts have noted that there is a chance Erdogan will push for early elections or clamp down on the opposition if he sees his chances of winning in June 2023 diminishing.
  • Markets will continue to digest US CPI and hawkish remarks from the Fed – driving USD-side price action and UST yields.
  • Industrial production printed higher this morning at 11.4% y/y vs 8.0% exp & 3.3% m/m vs 0.5% exp.
  • Intraday Sup1: 13.4262, Sup2: 13.175, Res1: 13.7261, Res2: 13.9356
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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