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Free AccessUSD/TRY Eyes March Highs as Headwinds Gather Pace
- 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
To read the full story
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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.