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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 flat +0.02% higher this morning, treading water below 14.70 despite a firmer greenback.
- The cross drifted +-0.12% higher yesterday as mixed drivers came out of the energy market with brent lower and natgas higher following Putin’s threats to cut off Europe’s gas supply if it did not comply with RUB-denominated contracts.
- This represents a threat to TRY assets, should natgas prices surge significantly higher in the near-term – making the game of brinkmanship between Putin and the West over gas flows a key risk factor for Turkey.
- Ceasefire talks resume today with markets focused on potential for a clarified agreement format to create scope for a Putin-Zelensky meeting in the coming weeks.
- US NFP data will also be eyed closely for signs that the Fed may need to accelerate the pace of tightening to +50bp clips in 2022. In the meanwhile, USD/TRY continues to grind sideways and higher with price action mostly muted.
- A move above 14.6881 (50% fib of the 29 March breakout lower) opens up a move to 14.72-80 in the coming days. Intraday sup1: 14.653, Sup2: 14.6323, Res1: 14.6881, Res2: 14.7232
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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