TRY remains well bid across the........>

TURKISH LIRA: TRY remains well bid across the board, with TRY now higher by over

1% on the day against the USD and sitting right at the top of the EMFX table.

USD/TRY is now closing the gap on the 200-dma support below at 5.6437 and a

break and close below the mark would be the first since late March.

-TRY is bucking the trend seen late yesterday, after TRY slipped on reports that

Erdogan was still pressing ahead with plans to follow through on the S-400

missile deal with Russia, to the ire of the US. There have been few headlines on

Turkey so far today to support such a move higher.

-TRY overnight borrowing costs have edged higher Wednesday, trading between

20-40%, although the moves are minor compared to the liquidity-crunch seen a few

months ago that saw overnight rates touch 1,350%.

-Options volumes are particularly light in USD/TRY, with no notable flow so far

today, but risk reversals contracts continue to correct lower, with today's 1m

measure hitting the lowest levels (and most in favour of TRY calls) since

mid-March.