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USD/TRY Eyes March Highs as Headwinds Gather Pace

TURKEY
  • USD/TRY trades +0.27% higher this morning in line with the resurgent bid in the greenback.
  • The cross pared the prior two sessions of declines and is currently probing 14.90 where state banks and the CBRT were active in March defending the currency.
  • With Inflation continuing to drive real yields deeper into negative territory, Turkish assets should continue to face headwinds when set against a tightening external backdrop and successive trade deficits.
  • The march highs at 14.9925 are the next topside target, followed by 15.21 & 15.50.
  • Comments from the EP saying that turkey has destroyed its chances of joining the EU over the Kavala case are another headwind for regional relations.
  • Intraday Sup1: 14.8791, Sup2: 14.8531, Res1: 14.9925, Res2: 15.0733
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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