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USD/TRY Bucks USD Strength as Upside Momentum Cools Slightly below 15.00

  • USD/TRY trades -0.02% lower this morning, diverging from early gains in the BBDXY.
  • The cross closed yesterday’s session +0.16% higher, having failed to hold onto gains above 15.85 with price action being relatively muted.
  • Expectations for accelerated Fed tightening will likely weigh on Turkey’s weak external balances going forward as the policy divergence becomes starker with the CBRT holding off on rate increases.
  • Early indications show that TRY weakness is creating a greater burden on the state & CBRT via the FX linked deposit scheme with the current level being $2.7-4.7bn with USD/TRY at 14.80.
  • For today, the focus is on Russia’s potential response to calls for negotiation from Zelensky as he offers concessions on neutrality & NATO accession for a ceasefire.
  • Intraday Sup1: 14.7634, Sup2: 14.7144, Res1: 14.8543, Res2: 14.8791
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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