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Free AccessUSD/TRY Fails to Hold Below 8.60, Analysts Concerned About Swap Deals
- USD/TRY trades slightly higher at the open, having closed yesterday's session mainly flat after failing to breach 8.60.
- TRY stands +0.80% firmer this week vs the USD on the back of moves from the CBRT to bolster reserves through FX swaps.
- However, some analysts remain concerned that this means a return to loose policy against market conditions and currency management through reserves – which will hardly inspire more greater credibility in the eyes of the market.
- For today, the US meeting over the Kabul airport comes into focus with an opportunity to boost ties somewhat after a disappointing Erdogan-Biden meeting.
- For now, 8.60 support looks fairly sticky on the downside as it has been a robust level in the past.
- Intraday Sup1: 8.5808, Sup2: 8.5149, Res1: 8.6927, Res2: 8.7488
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.