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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.
TURKEY
- Turkish USD bonds open on the front foot this week, while Locals remain more muted around the open.
- USD curve maintains its bull steepening bias from last week: 2Y-6.6bp, 3Y -5.2bp, 5Y -3.5bp.
- USD/TRY 1m Implied vol continues to decline, with price action now back to Feb levels (pre-Agbal's removal).
- Risk premia, however, still remain elevated but on the decline: 5Y CDS trades -2.3bp today, at 3.93.81 but still well above March levels.
- USD/TRY still looking for traction below Friday's low, pulled lower by broad-based dollar selling. 8.2046 & 8.1793 support below have proven sticky in recent weeks.
- Bist 100 remains on the front foot (+1.19% today), having found support above 1,300 in mid-April.
- Todays' price action has moved above key YTD resistance at 1,450 but will need to close above to maintain upside momentum (RSI still in bull mode at 61.53).
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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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