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Free AccessUSD/TRY Finds Support at 12.00, Eyeing Prior Highs Ahead of CPI/PPI Data
- USD/TRY trades +2.56% higher this morning, diverging from the broad USD weakness trend. The cross failed to move below 12.00 ahead of the weekend and remains biased higher going into a week filled with key local and international data.
- GDP, CPI & PPI data are among the big-ticket items locally, with inflation set to tick up above 20% but not fully reflect the impact of TRY weakness until December.
- Sell side analysts note that although uncertainty is high RE the path of inflation, numbers could move towards 22-25% in December and even higher into 1Q22.
- On the political front, early election pressures are building from the opposition benches as they continue to press for protest action despite police raids on MPs houses and threats of prosecutions for opposing the current economic stance.
- On the international front, markets will be watching progress on the Omicron variant, alongside US ISM & NFP data this week.
- Global risk sentiment remains tentative following the discovery that saw markets push back rate hike expectations in the US in Friday's risk-off session.
- We can likely expect more choppiness in EMFX this week. Intraday Sup1: 12.3428, Sup2: 12.0716, Res1: 12.9204, Res2: 13.1308, Res3: 13.4539
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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.