Free Trial

TRY Pares CBRT Gains, Must Clear 200dma To Unlock More

TURKEY
  • USD/TRY opens marginally higher after a push lower towards the 200dma at 7.3652 post-CBRT.
  • CBRT made all the right noises again yesterday, opting for a balanced approach in keeping rates steady at 17%, but guiding towards further tightening in the event of any upside CPI surprises.
  • Although de-dollarisation has been slow thus far, this should set a stable platform until the next CBRT, with eyes firmly fixed on Jan CPI for signs of an abatement in CPI pressures.
  • USD/TRY is hovering above the 200dma after a fourth test yesterday, and will need to clear this before making the next leg lower.
  • US PMI's later in focus for $-side factors as $ selling accelerated in yesterday's session.
  • DXY re-testing the breakout through 90.1650, but still remains within the near-term downtrend.
  • 5Y CDS -3.31% post-CBRT. Intraday Sup1: 7.3610, Sup2: 7.3487, Res1: 7.4117, Res2: 7.4283
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

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.