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TRY Weakens Against the Grain in EM, EU/US Talks In Focus

TURKEY
  • USD/TRY opens a fraction lower in line with early weakness in the BBDXY.
  • The cross drifted higher in yesterday's session broadly against the grain of a softer dollar and broad-based risk-on conditions as the 8.60 level proved to be decidedly sticky.
  • The EU summit and US talks over Kabul resume today.
  • EU talks seemed to go mostly in the right direction, despite comments on human rights and democratic backsliding – with Russian aggression stealing some of the focus from Turkey.
  • UN talks with Cyprus leaders are unlikely to see much success as Turkish Cypriot leader Tatar remains resolute in his ambitions for a two-state solution.
  • Markets also glossed over the CBRT minutes, which conveyed a more cautious tone than anticipated about price pressures in the upcoming period.
  • 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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