Free Trial

USD Buying Reins in TRY's Push Through 7.40, USD & ECB in Focus

TURKEY
  • Local & USD rates mostly unch after a strong session yesterday in the USD curve brought yields lower by around 13bp across the curve.
  • Belly of the curve outperformed, with 5Y & 7Y leading the way lower.
  • USD/TRY notches higher at the open in line with CEEMEA peers on a firmer Greenback.
  • Spot failed to push through 7.4117 support decisively in the back end of yesterday's session to hold within the weekly range capped by the 7.50 handle.
  • Quiet agenda leaves $-side factors in the driver's seat as markets mull Trump's impeachment proceedings.
  • Markets also sensitive to the ECB minutes today.
  • Bearish 50/100 SMA crossover noted on the daily chart may add downside momentum to the cross on a pullback in $ buying.
  • Vaccination developments will also be interesting to track as the national rollout begins today.
  • Res1: 7.4679, Res2: 7.5109, Sup1: 7.4117, Sup2: 200dma at 7.3479
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.