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- USD/TRY trades flat to slightly higher at the open in line with an early bid in the greenback ahead of the CBRT's expectations survey.
- Yesterday's risk-off session sees spot trading above 8.30, with price action looking fairly bullish on the daily chart ahead of this week's CBRT.
- As noted in our MNI Preview, the CBRT is expected to keep rates on hold this week with a keen focus on next month's CPI figures to gauge whether inflation peaked in April or not.
- Overnight, officials tightened the lockdown restrictions in an effort to reinforce the decline in cases ahead of the May 17 deadline and save the 2021 tourist season.
- Experts have warned, however, that a premature exit would lead to another surge in cases in June.
- A close above the 8.35 level would likely add more bullish momentum to the cross.
- Intraday Sup1: 8.3161, Sup2: 8.3006, Res1: 8.3474, Res2: 8.3984