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US Recognition of Armenian Genocide Sends USD/TRY +1.20% Higher

TURKEY
  • USD/TRY opens firmly on the front foot this morning having underperformed its EM peers in yesterday's session as Erdogan rattled sentiment with promises to use FX reserves to offset future FX volatility.
  • Sell-side has boosted bullish USD/TRY bets following last week's CBRT, eyeing levels back above 8.50.
  • Moreover, a degenerating virus situation, formal removal from the US F-35 programme and possible recognition of the Armenian genocide should also dent TRY sentiment.
  • Techs on the daily chart also support a bullish near-term outlook following the confirmation of a bullish golden cross formation (50dma crosses 200dma), complimented with firm oscillator momentum (RSI 66.45).
  • Next major Lelevs seen at Res1: 8.3224, Res2: 8.4454, Sup1: 8.2046, Sup2: 8.1793
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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