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USD/TRY Feels some Reprieve, Retesting 11.00 Support

TURKEY
  • USD/TRY trades -0.64% lower this morning, seeing some early relief after having moved over 11% higher last week.
  • With the CBRT in the rear-view mirror, we may see the cross pull back some of last week's pronounced TRY weakness if we see a consolidated break below 10.968 support - but should remain within the 10.30-11.00 range.
  • Meanwhile, a move above Friday's swing high opens up 11.50 to the topside.
  • Squabbles with Greece continued over the weekend with Greek officials voicing their discontent with Turkey's prospective arms deal with Spain.
  • This week's focus will be squarely on the FOMC minutes as markets gauge potential for an expedited taper/rates lift-off timeline in the US.
  • USD Strength continues to be a dominant theme in markets keeping EMFX in the low real yield category broadly on the back foot.
  • Intraday Sup1: 10.968, Sup2: 10.7815, Res1: 11.1567, Res2: 11.3118
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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