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TRY: USD/TRY Gains Accelerate, 34.00 Handle Breached

TRY
  • Gains for USD/TRY have accelerated this morning, taking the pair above the 34.00 handle as markets await Fed Chair Powell’s speech at Jackson Hole later today.
  • The decision by the CBRT to leave both rates and hawkish guidance unchanged on Tuesday has had little impact on the path of TRY depreciation, which has now shed 2.5% versus the dollar on a month-to-date basis.
  • Among sell-side, some analysts see rate cuts commencing as soon as next month. Our full review of this week’s decision can be found here.

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