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OFZs Firm W/W, 10Y Stalls Out Above 6.80

TRY on cusp of cracking key........>

EMERGING MARKETS
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.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com