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TRY Brushes Off Positive EU Meeting, Continues to Slide

TURKEY
  • USD/TRY trades marginally higher at the open, slightly ahead of its CEMEA peers to follow on from yesterday's firmer session.
  • The greenback remains subdued at the open, having continued its slide lower yesterday in line with dipping Treasury yields.
  • USD/TRY brushed off a mostly positive EU-Turkey meeting yesterday where Michel & Von der Leyen cited momentum in ties, but highlighted concerns over human rights.
  • Expectations for a rise in covid cases is a noteworthy development that may weigh on TRY sentiment in coming weeks, but focus will remains on the next CBRT meeting for signs of premature easing & autonomy from Erdogan – although Kavcioglu has spoken out against this.
  • With limited data on the agenda, global developments and the FOMC minutes will be the key price action drivers today.
  • USD/TRY is currently rangebound between 8.10-8.20, looking for directional catalysts.
  • Intraday Sup1: 8.1135, Sup2: 8.0236, Res1: 8.1793, Res2: 8.204
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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