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Approaching Key Support


Hovering Just Off Monday's Late Cheaps


Climbs Above The 20-Day EMA


Outlook Remains Bearish


Chinese Media Looks To Placate Equity Worry

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  • 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