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TRY Assets Continue to Track Global Risk Sentiment Ahead of Jackson Hole

TURKEY
  • USD/TRY trades +0.08% higher at the open, broadly mirroring slightly more tentative global risk sentiment this morning.
  • The cross stalled out somewhat around 8.40 in yesterday's, ending marginally firmer despite solid demand for TurkGBs.
  • On the data front we have business confidence data out this morning, but shouldn't move the needle too much on TRY with the cross being driven primarily by global risk sentiment and a period of relative calm until the 23 September CBRT meeting.
  • Opposition parties continue to latch onto the migrant crisis as an opportunity to put pressure on the AKP as domestic socio-political discontent brews over the ever-expanding migrant population in Turkey.
  • Although Erdogan has said Turkey will not become the EU's refugee camp, the crisis is still evolving and has room to make longer-term issues for Erdogan if not managed properly in the near-term.
  • USD/TRY price action remains bearish on the daily chart below the 100dma, but faces firm support in the 8.40-8.2860 region.
  • Intraday Sup1: 8.4021, Sup2: 8.3649, Res1: 8.4533, Res2: 8.4883
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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