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Market News Topics
April 08, 2021 06:14 GMT
TRY Wobbles On Erdogan Comments, Nervously Eyes 15 April CBRT
TURKEY
- USD/TRY trades flat to higher at the open, bucking a softer greenback as markets digest the brighter outlook highlighted in the FOMC minutes.
- 8.20 proved a relatively sticky resistance level in yesterday's session, failing to break despite majorly dovish comments from Erdogan – alluding to goals for single digit rates and inflation.
- Limited reaction to this suggests the proof remains in the pudding, with next week's CBRT meeting being a key display of CBRT credibility and Erdogan's influence over monetary policy.
- Nevertheless, USD/TRY remains biased higher with few TRY-positive catalysts in the mix.
- Yesterday saw four sessions of USD weakness halted with treasury yields rising into the close.
- However, the sell side still sees recent $ weakness as corrective in nature.
- Intraday Sup1: 8.1135, Sup2: 8.0236, Res1: 8.2046, Res2: 8.2538
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
To read the full story
Close
Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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