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- USD/TRY opens slightly higher as spot skirts around the 7.00 handle.
- As expected, the cross has become choppy around most sell-side 3m targets and needs fresh catalysts to make the next move in either direction.
- We're currently caught in the 7.12-7.03 range, trading without much direction, which will likely continue until the range is decisively broken on either side.
- Stalling bond flows also doesn't bode well in the short-term with inflation concerns eroding TRY carry somewhat and denting expectations.
- Signs that Turkey is willing to engage with the US on S-400s is positive, but it's hard to see them being removed any time soon as the US would like.
- Also brewing concerns about a fallout with Greece over Cyprus are becoming more apparent.
- Sup1: 7.03-7.00, Sup2: 6.8889, Res1: 7.1125, Res2: 7.1733