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Australia Jun Exports +5.1%; Surplus $17.67 bln


Post-Data Downtick Extends A Little


Tight Trade Continues


Off Best Levels In Contained Trade

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  • USD/TRY remains under bullish pressure at the open fuelled by renewed USD strength and rising US Treasury yields.
  • TRY remained the key EM underperformer in yesterday's session, as negative sentiment RE Erdogan's dovish comments continue to undermine CBRT credibility.
  • Strong US Jobs data also brought forward the spectre of hawkish risks to the Fed's reaction function going into Jackson Hole and expedited tapering talk – Roiling EM FX.
  • Markets will eye US NFP data today, alongside an announcement from Erdogan regarding a natural gas find in the Black Sea – expected to reduce Turkey's gas import dominance over time.
  • Although price action has entered overbought territory on the RSI, upside momentum remains dominant in USD/TRY in the near-term – amplified by recent USD strength and a lack of TRY-positive catalysts.
  • Intraday Sup1: 8.6927, Sup2: 8.6399, Res1: 8.7488, Res2: 8.8008
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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