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USD/TRY Grinds Higher Awaiting Fresh Catalysts

TURKEY
  • USD/TRY continues its slow grind higher amid a relatively subdued week in terms of local data and risk events, with escalating virus conditions weighing on sentiment.
  • A firmer greenback and general risk off conditions saw the cross biased higher in yesterday's session.
  • Sell-side remains neutral to bearish on TRY's near to medium-term prospects following last week's perceivably dovish CBRT, expecting a shift to a premature easing cycle at some point in the coming months, despite CBRT assurances.
  • A distinct lack of catalysts in the domestic market leaves the cross vulnerable to $-side moves and risk sentiment this week.
  • Intraday Sup1: 8.1135, Sup2: 8.0236, Res1: 8.1793, 8.2046
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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