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USD/TRY Grinds Towards 15.50, Diverging Its EM Peers

TURKEY
  • USD/TRY trades +0.47% higher this morning, diverging the CEEMEA trend of EM FX gains vs a softer greenback.
  • The cross resumed its slow grind higher yesterday, rising +0.41% as price action inches its way to 15.50.
  • Negative sentiment and a raft of growing risk factors continue to drive lira weakness in the absence of a U-turn on its unsustainable policy mix.
  • Industrial production data marked a notable fall in March on the back of the Ukraine conflict with upcoming prints also likely to reflect the negative impact on output.
  • Today, the cross should trade in line with global risk sentiment, but ultimately resume its grind higher towards 15.50.
  • Intraday Sup1: 15.3883, Sup2: 15.3242, Res1: 15.50, Res2: 15.58
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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