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TRY continues to outperform,...........>

TURKISH LIRA
TURKISH LIRA: TRY continues to outperform, holdings its place as the best
performer across EMFX so far Thursday. USD/TRY now sits at the lowest levels
since late April and is continuing to narrow the gap with 50-dma support at
5.8581, but Fib support at 5.8864 (38.2% retracement for the 5.3051 - 6.2457)
may slow progress from here.
-Much of the move in TRY comes following further actions taken by Turkey after a
phone call between Trump and Ergogan. An American NASA scientist was freed from
prison and Turkey may delay their decision to purchase the S-400 missile system
from Russia. Moves in spot today come ahead of tomorrow's Q1 GDP numbers, with
Turkey expected to have recovered sharply from the negative GDP growth figures
posted in Q4 last year.
-With spot improving in TRY's favour, implied vols are also edging lower, with
the 1m measure showing below 17.5 vol points for the first time since early
(which was the lowest since late March).

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