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Free AccessUSD/TRY Grinds towards 13.00, Headline Risks Abound as Leaders Speak in Ankara
- USD/TRY trades +0.53% higher this morning, pulling back from yesterday’s high in early trading.
- The cross rose +4.22% yesterday, maintaining its bullish momentum as Erdogan stood by his new policy path with the cross now grinding incrementally higher.
- On the ground, local businesses are starting to really feel the pinch with many import/exporters unable to cover transport costs that have risen above the value of the goods they sell.
- The crackdown on DEVA’s Gurcan is also a strong message to the opposition not to go through with protests calling for early elections. 3Q GDP data is in focus this morning, expected to print at 7.4% y/y & 3.3% QoQ.
- Markets will continue to be sensitive to headline risks from Erdogan, Bahceli and opposition as political risks tick higher.
- Price action is now approaching the 13.00 handle, with 13.1308 & 13.4539 the next notable topside levels.
- Intraday sup1: 12.6855, Sup2: 12.4788, Res1: 12.9202, Res2: 13.1308
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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.