Free Trial

Turkish Assets Roasted as Eroded Carry Buffers Limit Protection VS US Yields

TURKEY
  • Risk proxy Turkey feeling the brunt of the EM unwind owing to rising US yields.
  • Eroded real yield/carry buffers making TRY assets less attractive following last week's upside CPI & PPI prints
  • Local rates more offered than hard currency: 3Y -23bp, 5Y +25bp, 7Y +24bp, 10Y +25bp
  • USD bonds more evenly distributed in selling pressure: 2Y +12.9bp, 3Y 11.5bp, 5Y +16.3bp, 7Y +15.1bp, 10Y +16.7bp, 15Y +14.2bp
  • USD/TRY now trading above 7.70 (+2.19%), holding below resistance at 7.7383 (50% fib), 7.7556 & 7.7979
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

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.