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USD/TRY Holds Its Lateral Range Ahead of Ukraine-Russia Talks in Istanbul

TURKEY
  • USD/TRY trades +0.03% higher this morning, holding within its recent choppy sideways range (14.80-14.87).
  • The cross finished mostly unchanged last week as Russia-Ukraine talks saw little positive progress, keeping inflationary risks to Turkey from downed supply chains and high energy prices intact.
  • With little data on the agenda locally, the focus will be on Ukraine-Russia talks held in Istanbul from Mon-Wed for potential common ground on a ceasefire.
  • Turkey has undone some positive progress in relations with the US by reiterating its pledge to keep the S-400 missile systems, while also saying that Oligarchs are welcome in Turkey over the weekend.
  • Discussions with Russia to potentially open parallel settlement systems in local currency will be key to gauge and could be beneficial to Turkey in terms of energy deals if a system materialises.
  • Beyond this, markets will keep an eye on US NFPs at the end of the week for more clues on the Fed’s next steps. Intraday Sup1: 14.8165, Sup2: 14.8014, Rea1: 14.8531, Res2: 14.8689
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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