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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.
TURKEY
- USD/TRY trades +0.08% higher this morning, holding a fraction below 14.75 as the cross continues to grind higher.
- Broad-based risk-off sparked a rise in UST yields and firmer USD going into the FOMC minutes today, with markets now looking for signs of potential 50bp steps in May/June as the Fed looks to front-load its cycle.
- With -47.17% negative real policy rates, large external/foreign currency debt stocks, widening trade/current account deficit and negative net reserves, Turkey remains acutely vulnerable to a tightening in external conditions.
- In the absence of a major breakthrough in the Ukraine situation, USD/TRY should continue to drift towards 15.00 as inflationary pressures intensify with the prolonged conflict.
- USD-side drivers should dominate price action today ahead of the minutes.
- Intraday Sup1: 14.7144, Sup2: 14.6865, Res1: 14.74, Res2: 14.7634, Res3: 14.8014
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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