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TRY Hones in on CBRT Minutes & 1Q21 Funding Plan

TURKEY
  • Local curve opens slightly higher after racking up gains across the curve yesterday - concentrated in the front end (3Y -22bp).
  • USD curve seeing buying pressure in the belly 3Y - 6.5bp, 7Y -8bp.
  • USD/TRY mostly flat amid quiet markets.
  • Cross bounced off the 200dma (now 7.3108) during yesterday's session and may see choppy trading today within this week's range (7.4117-7.3108).
  • CBRT minutes & 1Q21 funding plan should be of interest and will likely reinforce the monetary policy positivity behind the firmer TRY.
  • RSI holding in oversold territory on the daily
  • Sup1: 7.3483 (29 Dec low), Sup2: 7.3108, Res1: 7.4117 Res2: 7.4679. CDS still tracking lower towards 300 handle and risk premia compress.
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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