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TRY Sits Out Post-FOMC Rally in EMFX, Eyes Prior Highs at 9.85

TURKEY
  • USD/TRY trades +0.58% higher this morning, resuming pressure on 9.7121 resistance after broadly sitting out the post-FOMC rally in EMFX - reflecting weak TRY sentiment.
  • The cross traded choppily in yesterday's session, closing +0.44% higher after retracing a move towards 9.7726 - prompted by expectations of more easing in the pipeline on the lower core CPI print.
  • USD strength is returning this morning after a sharp sell-off post meeting, with Fed Chair Powell initiating the taper and vocalising concerns over less transitory inflation than was previously envisaged.
  • Powell toned down hawkish remarks, however, calls for patience and assurance that supply-demand imbalances would peter out with inflation returning to the 2% target in the longer run. Expect some choppiness today as markets digest the comments.
  • With limited local data on the agenda, the focus shifts to US trade data this afternoon and NFPs due tomorrow. The bias still appears to be fading TRY weakness, with a consolidated break above 9.7121 opening up 9.80-9.85 to the topside.
  • Intraday Sup1: 9.6249, Sup2: 9.5419, Res1: 9.7694, Res2: 9.8
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

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