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USD/TRY Eyes 8.50 as Cyprus Talks Kick Off With Limited Chance of Success

TURKEY
  • USD/TRY continues to drift higher, despite USD weakness filtering through from Friday into the start of today's session.
  • Worsening US relations and limited positive TRY catalysts continued to dent sentiment, giving TRY bulls little to go on.
  • Focus this week turns to Cyprus with Turkey & Greece holding talks today, followed by UN+1 talks in Geneva.
  • Both sides seem very far apart on the federation vs two-state solution, providing little scope for an improvement in relations.
  • USD/TRY continues to drift towards the 8.50 handle, despite having moved into overbought territory on the daily chart.
  • Another light week on the data front with real sector confidence data due today, followed by trade balance on Friday.
  • Intraday Sup1: 8.3984, Sup2: 8.3319, Res1: 8.4454, Res2: 8.5434
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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