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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.
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Free AccessUSD/TRY Eyes Monday Highs as Officials Continually Tweak Policy
- USD/TRY trades -0.48% lower this morning, pulling back slightly from the weekly high established on Monday just shy of the 14.00 handle.
- The cross continues to trade on its own and drift higher with deeply negative real rates making TRY assets vulnerable.
- The decision to reverse the plan to pay banks via bond issuance speaks to the overly complicated nature of policy aimed at stabilizing the lira since the launch of the FX-linked deposit scheme.
- Officials are now even walking back on their export-oriented growth model by threatening export quotas to tame inflation – attempting everything other than raising rates to anchor expectations, arrest dollarization and boost CBRT credibility.
- Today’s focus will be on US NFP data after a volatile week of USD and UST price action.
- Attention in USD/TRY is on 13.9356 (Mon high) and the 14.00 handle for the next leg higher towards 14.50-15.00.
- Intraday Sup1: 13.7490, Sup2: 13.677, Res1: 13.9356, Res2: 14.1811, Res3: 14.3741
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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.