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US Yields Send USD/TRY Packing Back Above 7.00

TURKEY
  • USD/TRY holds its upside momentum at the open after a spike in US nominal yields caused a substantial unwind in EMFX and equities around the start of the US session.
  • Broad risk aversion has continued into today's session, pegging the cross back above the 7.00 handle.
  • Relatively quiet schedule today ahead of tomorrow's CBRT where Agbal is expected to keep rates on hold at 17% (MNI CBRT Preview out later today).
  • Global factors likely to be the key price action driver with markets keeping a close eye on UST yields and the $.
  • Sup1: 7.00, Sup2: 6.9711, Res1: 7.1125, Res2: 7.1733
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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