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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.
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Free AccessUSD/TRY Brushes off US Sanctions, But Faces Hurdles Ahead of EU Talks Today
- Local & USD rates unch at the open having pulled lower in last week's session.
- Belly of the local and USD curve remains most bid, with 5-9Y tenors outperforming into the back end of the week.
- USD/TRY opens flat to lower on a softer greenback this morning, despite new sanctions on domestic Defense Industries (SSB).
- Moreover, broad arrests for admirals engaged in the declaration alleging the possibility of withdrawal from the Montreux Doctrine saw little effect on TRY assets in yesterday's session, although opposition from EU's Michel & Von der Leyen in today's meeting could spark some concern for EU-Turkey relations.
- USD/TRY remains pegged around 8.10, but may continue to drift lower, should USD weakness continue to be the prevailing theme.
- Focus this week on 12-month CPI expectations ahead of next week's CBRT meeting.
- Sell-side remains cautiously optimistic about comments from Kavcioglu that the CBRT will not ease prematurely.
- Intraday sup1: 8.0985, Sup2: 8.00, Res1: 8.1793, Res2: 8.2046
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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.