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USD/TRY Eyes Monthly Lows, But Jackson Hole Risks Remain

TURKEY
  • USD/TRY trades -0.17% at the start of play, tracking a softer BBDXY lower as a second day of positive risk sentiment out of APAC filters through into the CEEMEA Session.
  • The cross consolidated the move below 8.50 in yesterday's session as EM FX gained some reprieve after last week's post-FOMC minutes sell-off.
  • Despite brewing central bank and inflation risks, TRY continues to appreciate in the interim – and brushed off comments regarding a second purchase of S-400 missiles from Russia.
  • 8.35-8.2969 become the next downside targets in USD/TRY, should price action move through 8.40 support in the near-term.
  • However, risks of shift in sentiment towards the end of the week as the Jackson Hole Symposium approaches remain a key factor to consider.
  • Intraday Sup1: 8.4021, Sup2: 8.3649, Res1: 8.4533, Res2: 8.4877
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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