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TRY Brushes Off Upbeat GDP

TURKEY
  • Local & USD rates Unch this morning following a better session on Friday, but tepid risk sentiment could see choppy trading to start the week.
  • USD/TRY pares early losses on a substantial 3QGDP beat at 6.7% vs 4.8% exp and 15.6% QoQ vs 14.0 exp indicating a sharp snap back of activity supported by buoyant high frequency data metrics.
  • The cross showed a muted response to positive GDP data to focus on broad global risk sentiment.
  • Price action remains pegged within the 50dma-100dma channel between 7.9243 - 7.5767, now trading marginally above 7.80 support.
  • A move below 7.77 opens up a move towards 7.70. Markets will be wary, however, of increased sanctions risks adding upside risks To USD/TRY moving into December.
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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