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USD/TRY Eyes Monday Highs as Officials Continually Tweak Policy

TURKEY
  • 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
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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