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TRY: Citi Goes Long TRY on Tight MonPol and Encouraging Fundamentals

TRY
  • Citigroup strategists recommended buying the Turkish lira against the dollar via forward contracts, citing tight monetary policy and encouraging fundamentals, according to Bloomberg. 
  • “We are re-entering the short USDTRY trade. We had recently reduced positioning in our long TRY trade by taking profits in our targeted trades here, after the implosion in EM carry basket caused a broad pull-back in long EM positioning,” strategists wrote in note seen by Bloomberg.
  • “We are now entering the trade via 6m forwards (spot ref 32.7, 6m fwd ref 39.5). Risks to trade include a more dovish than expected central bank. Target: +5%, stop -2.5%”
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