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USD/TRY Grinds +5.59% Higher in March as Ukraine Crisis Weighs

  • USD/TRY trades +0.69% higher this morning as the cross continues to grind higher – mostly against the trend of a softer BBDXY this morning.
  • The cross rose +0.76% yesterday, rising above the 14.50 handle to an intraday high of 14.5966 as the Ukraine crisis continues to take its toll.
  • USD/TRY is up +5.59% since the start of March with inflationary pressures becoming more acute on rising commodity/energy prices.
  • Deep negative real yield should keep the cross biased higher in the near-term with markets avoiding risk and the CBRT unwilling to hike rates to support the currency
  • . Focus today is on human corridors and Russia’s potential reaction to Ukraine’s willingness to drop its goal of joining NATO – which could see ceasefire talks gain some traction.
  • Intraday Sup1: 14.4548, Sup2: 14.3813, Res1: 14.6462, Res2: 14.759
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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