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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.
TURKEY
- USD/TRY trades slightly higher at the open, mirroring price action in the BBDXY.
- The cross continued to drift lower in yesterday's session, with TRY being among the better performing EM currencies at the moment.
- 1m implied vols have dropped to Feb levels, leaving TRY carry as relative attractive at these levels, provided this stability can be sustained.
- Focus will undoubtedly be on the CBRT meeting tomorrow, where the bar for hawkish rhetoric from Kavcioglu is increasing amid renewed upside pressure in CPI.
- While the CBRT is expected to hold policy rates steady, markets will be looking for hawkish guidance from Kavcioglu to reassure markets that the CBRT will deliver market appropriate policy, should CPI continue to trend higher.
- Industrial production will also be eyed at 08:00BST, expected to pick up marginally m/m, but decline sharply y/y.
- Intraday Sup1: 8.6251, Sup2: 8.5808, Res1: 8.6738, Res2: 8.6927
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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