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USD/TRY Breaks its Consolidation Pattern as Fed Kicks The Tapering Can Down the Road

TURKEY
  • USD/TRY opens lower this morning, in line with selling pressure on the BBDXY following on from last night's FOMC meeting.
  • As expected, the Fed funds rate was left unchanged and economic activity characterised as stronger, complimented by progress being made towards max employment and stability goals – placing less emphasis on downside risks from the virus.
  • Most notably, however, the Fed kicked the asset purchasing can further down the road, saying that the committee would continue to assess progress in the coming meetings – resulting in USD selling post-meeting.
  • Price action today should continue to reflect sentiment around this meeting as markets digest the details from Powell.
  • Local news flow remains fairly quiet in Turkey, but risks surrounding a fourth wave are escalating – adding risks to an already lackluster tourism season.
  • Cases look set to breach the 20k mark in the coming days, with a number of countries still maintaining Turkey on their travel redlists.
  • Intraday Sup1: 8.5042, Sup2: 8.4397, Res1: 8.5633, 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

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