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TRY Hones in on CBRT as Local Drivers Dominate Price Action

TURKEY
  • USD/TRY remained resilient to yesterday's bout of risk-off, but continues to drift higher in line with EM high beta sentiment.
  • Focus remains on Thursday's CBRT, with markets showing mixed picture of how much is priced in terms of hikes.
  • Median expectation remains for 150bp, but more sell-side research coming out in line with a marginally larger hike at 200bp.
  • USD/TRY capped by resistance at 7.6933 & 7.7445 in the short term, but bias remains to the downside ahead of the CBRT.
  • Escalation in military activities in Greek territory should be noted.
  • 1w vols ticking higher this week on increased global volatility and now capturing the CBRT.
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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