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

  • 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 |
MNI London Bureau | +44 020-3983-7894 |

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