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Free AccessUSD/TRY Holds Its Lateral Range, Dials in On Turkey-Greece Talks
- USD/TRY opens 0.11% higher this morning in line with a firmer BBDXY in early trading.
- Similar to TurkGBs, the cross traded choppily in yesterday's broadly risk-off session, ending +0.07% higher on the day after failing to break below Friday's low at 8.8321.
- US equities continued to crater in the afternoon with stagflation concerns coming to the fore.
- Meanwhile, Turkish assets brushed off higher headline and core CPI prints, given the CBRT's current indifference to 'transitory' price dynamics and focus on its new revisionist stance for monetary policy.
- With little data on the agenda, the cross should track global risk sentiment and look ahead to Greece-Turkey talks tomorrow amid frayed ties.
- This comes after Turkey escorted a Greek research vessel off its continental shelf yesterday, and has accused Greece of maximalist policies in recent months through its various military acquisitions and installations on disputed islands.
- Upside momentum in USD/TRY has seemingly stalled, with the cross drifting sideways and slightly lower.
- Key support stands at 8.8017 & key resistance at 9.00. Intraday Sup1: 8.8321, Sup2: 8.8017, Res1: 8.8915, Res2: 8.9371
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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.