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Free AccessTRY on cusp of cracking key........>
EMERGING MARKETS: TRY on cusp of cracking key resistance
-The Turkish currency was one of the firmer names in EMFX Thursday, helping
pressure USD/TRY further below the 50-dma at 5.6759 after Wednesday's close.
This opens a move on key support for USD/TRY at 5.6489. A break and close below
here would open the 200-dma at 5.6264. The furtive TRY strength extends the move
seen Wednesday, as the CBRT warned they were running out of policy space with
which to ease further.
-CEE currencies fell in tandem with the EUR Thursday, pressing PLN and HUF to
underperform broader EMFX space. The moves keep EUR/PLN and EUR/HUF well within
range of multi-year (and alltime...) highs.
-Hungarian unemployment rate data and Turkish economic confidence data make up
the very quiet Friday calendar.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.