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JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

AUSSIE 3-YEAR TECHS

(M2) Gains Still Considered Corrective

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TURKISH LIRA
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
negative.
- 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 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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