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USD/TRY Eases Higher Ahead of Erdogan's Reforms Package

TURKEY
  • USD/TRY opens higher on the back of a firmer USD after Biden officially signs in the $1.9tn stimulus package.
  • The cross traded choppily in yesterday's session around the ECB meeting, pulling back above the 7.50 handle in early trading today.
  • End of week flows may see some profit-taking, but traders will likely be looking to fade rallies above 7.60 into next week's presumably tighter CBRT and noteworthy exploratory talks with Greece (pre-EU Summit).
  • Slightly higher CPI expectations in the central bank survey reinforcing the need for a decisively hawkish stance from Agbal next week.
  • Industrial production printed better than expected. Focus today on EU GDP and Erdogan's economic reform package (1200GMT) which is supposed to be market friendly, addressing macro imbalances and supporting a more attractive investment climate.
  • Intraday Sup1: 7.4763, Sup2: 7.4167, Res1: 7.5836, Res2: 7.6662
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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