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TRY goes better bid as US-Turkey...>

EMERGING MARKETS
EMERGING MARKETS: TRY goes better bid as US-Turkey tensions ease
-EMFX trade has generally followed the lead of G10, with price action muted and
liquidity thin. The outlier is TRY, which outperforms for a second session on
reports that US and Turkish leaders are close to striking a deal on the purchase
of US arms in return for tariff relief on Turkish industrial exports headed to
the US. The 50-dma remains decent support and provides the first target for
bears at 5.6750.
-CNY volumes have edged higher from the off, with markets buying the dip in the
CNY as Chinese state-owned enterprises were given the greenlight to buy
tariff-free US soybeans in the coming weeks. USD/CNY trades at the lower end of
the week's range, but focus remains on the resumption of trade talks in October.
-Minutes from the Brazilian central bank are due ahead of the Hungarian central
bank decision. They're seen keeping rates unchanged at 0.90% and -0.05% for the
main bank rate and the overnight deposit rate respectively.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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