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Free AccessUSD/TRY Approaches YTD Highs Following Hawkish FOMC Minutes
- USD/TRY trades +1.45% higher this morning, having taken a leg above 13.50 in the lead-up to the FOMC minutes.
- The cross closed +1.82% higher yesterday as the Fed signalled 3 potential hikes in the pipeline for 2022 and reaffirmed the need to expedite tapering – adding impetus to a late session rally in the USD that has followed through to this morning.
- Broad-based risk-off also hit APAC indices this morning following a rout in US tech stocks – sparked by new year rotations and expectations for Fed tightening – which should continue to weigh on sentiment for EM today.
- USD/TRY is now approaching the 03 Jan highs and 14.00 handle and the cross grinds higher with little protection from its deeply negative real yields.
- Intraday Sup1: 13,6614, Sup2: 13.5745, Res1: 13.9356, Res2: 14.21, Res3: 14.47
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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.