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USD/TRY Heads Back Towards Yesterday's Intervention Point, Testing CBRT Resolve

TURKEY
  • USD/TRY continues to trade against the grain in today's session (+3.52%) with price action rising back towards the CBRT's prior intervention point around 14.50
  • TurkGBs are also weaker across the curve, up+ 4-15bp with 2 & 7Y yields most offered
  • USD bonds are more placid, holding marginally in the red
  • 5Y CDS continue to head higher, up +5.2bp today
  • Some analysts speculating that the CBRT sold roughly $2bn yesterday in two bouts of $1bn intervention at 930GMT & between 1300-14:15, when the notable downside moves in USD/TRY were noted
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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