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USD/TRY Eyes Fresh All-Time Highs as the Outlook for TRY Darkens

TURKEY
  • USD/TRY holds flat above the 8.50 handle this morning amid low holiday volumes, having breached the key level in yesterday's session.
  • Sentiment appears to have shifted firmly against TRY this week, resulting in a 3.23% depreciation vs the USD.
  • Price action next week will be key in determining veracity of the move higher if we see a consolidated break of the 8.50 handle to establish fresh all-time highs.
  • For today, price action will be mostly muted, save for the raft of US data due this afternoon.
  • Intraday Sup1: 8.4851, Sup2: 8.4997
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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