Free Trial

TRY Capped By Frosty US Relations & Cyprus Tensions, Looking For Catalysts

TURKEY
  • USD/TRY flat to higher at the open after failing to breach 7.03 during yesterday's session as subdued trading persists.
  • The cross remains pegged in the 7.12-7.03 range, despite broad $ weakness, showing uncertainty around expectations for further TRY strength past prior sell-side targets at 7.00.
  • Frosty relations with the US and brewing tensions over the two-state solution in Cyprus may also be capping TRY optimism for now.
  • Markets will be watching VP Oktay's visit to Northern Cyprus closely today for signs of further frictions and aggressive rhetoric towards Greece.
  • Cross needs to break its current range to determine a more decisive near-term directional bias. Sup1: 7.0310-7.00, Sup2: 6.8889, Res1: 7.1125, Res2: 7.1901
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.