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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.
TURKEY
- USD/TRY trades +0.48% higher this morning, pushing through the upper threshold of its lateral channel pattern on the back of broad-based risk-off.
- Given its deeply negative real yields (-35%), TRY is among the currencies most vulnerable to a major shift in risk sentiment – although light positioning may dampen the impact somewhat.
- Russia’s recognition of the LPR & DPR is expected to result in Western sanctions today, but the degree remains to be seen.
- Disruptions to global/regional energy and wheat supply, alongside higher prices could be notably proinflationary for Turkey – but the West has yet to clarify its exact sanctions response.
- On the local front, it seems the opposition alliance is extending the support gap against the Ruling alliance, with Kilicdaroglu saying a CHP victory would see Turkey drop the S-400 missile system and reform the CBRT leadership.
- USD/TRY looks set to retest the prior highs around 13.9542 in the coming days, where analysts believe the CBRT may defend the 14.00 handle with its reserve stash.
- Intraday Sup1: 13.7045, Sup2: 13.6344, Res1: 13.8799, Res2: 13.9542
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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