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USD/TRY Continues to probe 14.86 as Natgas Prices Fan Inflation Risks

TURKEY
  • USD/TRY trades +0.02% higher this morning, reacting to continued upside pressure in natgas prices and a slightly firmer USD.
  • The cross held a choppy range between 14.7922-14.8586 to close mostly flat on the session with upside pressure still prevalent in the price action.
  • Today’s focus will be on the NATO Summit and a potential Erdogan-Biden meeting on the sidelines. Key discussion point will be S-400s and potential sales of F-35or F-16 jets as Erdogan maintains his charm offensive with the West.
  • Erdogan has been calling for the US to lift sanctions on its defence sector, but the US has insisted on it dropping the S-400 system.
  • Energy prices continue to pose upside risks to inflation with brent rising above $120/bbl & Natgas soaring after Putin’s moves to shift contract payments to RUB.
  • Focus is on 14.86 to the topside where it seems state banks and the CBRT may be defending the level. Intraday Sup1: 14.8014, Sup2: 14.7811, Res1: 14.8586, Res2: 14.8791
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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