Free Trial

USD/TRY Diverges USD Weakness Trend, Maintaining its Lateral Range

TURKEY
  • USD/TRY trades +0.27% higher this morning, grinding slowly back towards the 13.50 handle after Monday's break below the level.
  • The cross diverged the broad USD weakness trend yesterday as short-term optimism in the latest round of government policy tweaks faded.
  • With limited data on the agenda today, markets will focus on daily speeches from Erdogan and Trade Minister Mus, followed by US ADP data this afternoon as a precursor to NFPs on Friday.
  • USD/TRY remains pegged in its sideways range (13.2905-13.682) awaiting a breakout in either direction to confirm a more decisive near-term direction.
  • Intraday Sup1: 13.3613, Sup2: 13.2905, Res1: 13.5087, Res2: 13.5745
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.