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TRY on the Front Foot Post-Fed Meeting; 7.20-7.30 Highlighted as Long-Term Target vs USD

TURKEY
  • USD/TRY opens lower post-Fed meeting with the greenback paring yesterday's late-session gains after Powell opted for QE guidance over expansion.
  • Spot should look to drift towards 7.75 after taking out 7.7721, followed by a more sustained move towards the 100dma at 7.6989 in the near-term.
  • Sell side still optimistic about long-term targets around the 7.20-7.30 zone.
  • Focus remains on 24 Dec CBRT where many have upgraded calls for a 150-200bp hike to the 1w repo - in line with our November guidance.
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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