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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

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  • TRY continuing to diverge from the broad EM weakening trend vs the USD on expectations for Erdogan and Biden to reach a deal on S-400s
  • A lot of differing opinions on the matter coming out today, but the red line will ultimately be whether the US grants Turkey access to its Patriot system or not
  • The NATO deal seems dicey, given that it would likely provoke tensions with Russia and also be a bit unconventional for NATO to be happy overseeing a Russian-made missile system
  • Nevertheless, the outcome remains to be seen on Monday and what could be a sharp unwind of positive TRY sentiment on any potentially disappointing outcome
  • Both sides have so far hinted at being open to a deal, but no concrete moves have been made on either side
  • and rhetoric from the US side has been more on the hawkish side leading up to today with many calling for Biden to take a more proactive role in managing aggression in the region than Trump