RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI: Japan Dai-ichi Life To Up 30-Year JGBs Above 2%

MNI BRIEF: Policy Move Eyed If Inflation Meets 2% - BOJ's Ueda

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

EZ/UK T-Bill Calendar: Greece, Italy Auction on Wednesday

April PMIs: Price Pressures Amid Stronger But Uneven Growth

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/TRY Back Below 8.60, Risks Brewing Under the Surface

TURKEY
  • USD/TRY trades mostly flat around the open, having fully pared yesterday's early spike higher to return below 8.60.
  • Although TRY remains one of the top EMFX performers in July owing to high carry, many are expecting the currency's fortunes to sour in the coming months.
  • Increasingly aggressive rhetoric from Erdogan in the East med, coupled with rising inflation to erode carry buffers should begin to weigh on TRY.
  • Moreover, as premature easing expectations from the CBRT in 4Q21 start to re-enter the mix, these factors may become more pronounced.
  • 8.50 remains a key near-term level for TRY to breach and may prove sticky.
  • This week, however, the primary driver for USD/TRY remains the FOMC meeting with markets expecting a mostly neutral meeting from the Fed amid heightened Covid uncertainty.
  • Intraday Sup1: 8.5419, Sup2: 8.5042, Res1: 8.5808, Res2: 8.6064
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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.