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USD/TRY Eyes 15.00 as Headwinds to Lira Gather Pace

TURKEY
  • USD/TRY trades +0.16% higher this morning, teetering just below the 15.00 mark on the back of early USD strength and risk-off.
  • The cross continued to grind higher last week with poor inflation data, Fed rate increases and geopolitical risks continuing to provide headwinds to the currency.
  • Continued risk-off and USD strength should keep the cross biased higher, but it’s worth noting that the CBRT and state banks were previously active around these levels.
  • A move through 15.00 opens up 15.21 and 15.50 beyond as the next upside targets. Intraday Sup1: 14.9265, Sup2: 14.903, Res1: 15.00, Res2: 15.07
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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