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TRY Hones in On CBRT Minutes As 8.00 Handle Remains Intact

TURKEY
  • Local curve opens mixed this morning after bear steepening continued during yesterday's session on rocky risk sentiment.
  • 10Y yields continue to drift higher towards topside resistance at 6.00, marginally beyond the 23.6% Fib.
  • USD/TRY continues to buck the general EM trend, trading +0.35% this morning above the 50dma at 7.9126.
  • Local factors continue to be the primary driver of price action, but spot showed little reaction to the CBRT's move to increase its lira swap limit from 50% to 60%.
  • Focus today will be on the CBRT minutes and FX reserve data which has been stabilising over the past two months.
  • The cross remains pegged in the 7.90-8.00 band and must close below the 50dma to open up a move into the 50dma-100dma channel.
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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