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TRY Shows Relative Resilience as Commodity Currencies Feel the Pinch of a Stronger USD

TURKEY
  • USD/TRY opens lower in line with early selling pressure on the BBDXY on the back of a sharp re-pricing higher from EM FX in yesterday's session post-ISM data.
  • TRY was among the more resilient currencies in the high-beta basket, when compared to the likes of RUB that sold off sharply following the lower than expected print.
  • USD/TRY remains pegged within its broad consolidation range (8.6399-8.7488) ahead of the FOMC minutes this evening, which will undoubtedly be the key price action driver for today.
  • Beyond this, we have US-Turkey discussions over the Kabul airport, which Turkey is taking very seriously in an effort to improve bilateral ties.
  • Intraday Sup1: 8.6399, Sup2: 8.5808, Res1: 8.7488, Res2: 8.8008
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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