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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.
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Free AccessTRY Rangebound, but Continues to Outperform EM High-Beta Peers
- USD/TRY opens higher in line with broad risk-off sentiment and a more buoyant USD.
- Greece-Turkey talks saw little in terms of material progress on key sovereignty and maritime issues, but agreements for a second round were a mild positive allowing TRY to weather the storm better than its EM high-beta peers RUB & ZAR.
- EU remains slightly on the hawkish side in terms of sanctions rhetoric, asking for more concrete concessions from Turkey which could become a sticking point if the March sanctions reassessment is expedited.
- Erdogan's call for low interest loans could be a hurdle for local banks, and we'll be monitoring follow-through of his promises of reduced food prices.
- Spot is caught between selling pressure emerging around 7.4288 and the 200dma below at 7.3698, awaiting a breakout for a more decisive direction.
- Intraday sup1: 3.3783, Sup2: 3.3583, Res1: 7.4288, Res2: 7.4498
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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.