Free Trial

(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
TURKISH LIRA: TRY a touch stronger against the USD so far Friday morning,
prompting USD/TRY to hold the bulk of the losses seen following yesterday's
notification from the Turkish banking regulator that it was barring three banks
(namely UBS, Citigroup and BNP Paribas) from trading with their local Turkish
counterparts after they had failed to meet TRY liability limits.
- Spot USD/TRY hit a pullback low of 7.0706 in Asia-Pacific hours, but the drop
is still well above any near-term intraday tech support that would suggest a
firmer pullback. The 10-dma below at 7.0460 has yet to be breached but a break
of the 1.0% envelope at 6.9756 would switch the USD/TRY outlook far more
- In options space, implied volatility remains elevated but interesting the
one-week measure is yet to top either the highs seen in mid- or early April.
Risk reversals remain near the APril highs, however, with 1m contract close to
10 points in favour of USD/TRY calls. Forward points at the front end of the
curve are also creeping higher, though, with 1w nearing in on 360 points.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

To read the full story

Why Subscribe to

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.