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- 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