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TRY Assets Snap Multi-Day Weakening Stretch

TURKEY
  • TRY leads CEMEA FX for the day, now +1% vs the USD, trading around key support at 8.20
  • limited local catalysts in the newsflow today, so seems like momentum from yesterday's session where the CBRT and state banks were suspected of defending the 8.50 level with FX reserves
  • Bonds also catching a bid to snap a multi-day weakening stretch
  • Local & USD curves bull steepening with 2Y tenors leading the move
  • USD/TRY next Supports 8.1793, 8.1135
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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