MNI BRIEF: Fed's Goolsbee Taking Job Gains With Grain Of Salt

BRIEF: EU Says Engaging With China Over EV Trade Dispute

MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China

MNI BRIEF: China May M2 Slows To Record Low Again

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI JAPAN APRIL CORE MACHINE ORDERS -2.9% M/M; MAR +2.9%

US Treasury Auction Calendar

MNI: BAKER HUGHES US RIG COUNT 590; OIL RIGS 488; GAS RIGS 98

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

TRY Rally Underpinned by State Bank FX Sales In Thin Markets

TURKEY
  • USD/TRY trades +0.19% higher this morning as the pair continues to trade on its own.
  • Sources revealed yesterday that recent TRY strength has been supported via backdoor USD sales at state banks – bolstering the appearance of success of Erdogan’s FX-linked deposit scheme since its announcement late on Monday.
  • This pushes the CBRT’s FX reserve position (net of swaps etc) into a more precarious state and closed to negative -45-$50bn. While this may have provided some short-term stability to TRY, hyperinflation and fiscal risks remain the key focal point going into 2022 with CPI set to head towards 30-40% in 1H22.
  • Price action remained volatile yesterday with the cross trading in 17% range and stalling just short of the 100dma at 10.00.
  • This level may be sticky in the near-term, unless the CBRT continues to burn reserves to further consolidate the move.
  • Intraday Sup1: 11.099, Sup2: 10.2512, Res1: 12.6235, Res2: 13.1971
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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.