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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.
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Free AccessUSD/TRY Back above 8.30 Ahead of Key Data
- USD/TRY trades higher at the open, retesting the 8.30 level having failed to close below Friday's low at 8.2259.
- A lack of TRY positive catalysts and rocky global risk sentiment continues to cap USD/TRY downside.
- Today's focus will be on the raft of domestic data and the CBRT minutes, with the current account deficit forecast to widen y/y and industrial production set to improve.
- Weak CA dynamics are another key factor that is likely to weigh on TRY sentiment over the medium to longer term.
- The improving Covid situation does bode well for Turkey ahead of the end of its lockdown period on 17 May, but whether other countries allow travel to fully reopen is a different story.
- Additionally, tensions with Israel seem likely to escalate as the situation in the West Bank deteriorates.
- Intraday Sup1: 8.3006, Sup2: 8.2493, Res1: 8.3319, Res2: 8.3597
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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.