Free Trial

USD/TRY Eyes 8.35 Ahead of Expectations Survey

TURKEY
  • 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
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.