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USD/TRY Dials in on 7.00, But CPI Surprise May Rock the Boat

TURKEY

USD/TRY opens lower as momentum from yesterday's -2% move follows through into today, bolstered by favourable risk sentiment out of APAC.
Bond inflows resumed yesterday, picking up steam in the early part of the session.
Focus will be on CPI tomorrow and the possible tail risk of an upside CPI surprise that could derail TRY optimism in the short-term.
Risk premia continue to compress, 5Y CDS -1.66% this morning & 1m implied vols easing lower.
Having cleared 15.20, next major support stands around 7.0699, followed by psychological round number support at 7.00.

MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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USD/TRY Dials in on 7.00, But CPI Surprise May Rock the Boat

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