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USD/TRY Holds its Lateral Range Just Shy of 15.00 Ahead of Tomorrow's NATO Summit

TURKEY
  • USD/TRY trades -0.03% lower this morning with price action maintaining its mostly muted course since Friday.
  • The cross closed yesterday’s session mostly flat after pulling back sharply from an attempt to move above 14.85 in the afternoon – similar to the move seen on Monday.
  • The rise in Erdogan’s approval ratings in March is an interesting development, but not entirely unexpected as many people look to strongmen in times of crisis.
  • Continued increases in support could see Erdogan consider an early election, but would likely need to see a significant uptick.
  • Sustained gains may be difficult, however, with inflation set to rise to 60-70% in the coming months, compounding economic difficulties on the ground.
  • Tomorrow’s meeting with Biden will be key to monitor for discussion of S-400s and F-35s as Turkey continues its charm offensive with the US & EU.
  • Intraday Sup1: 14.8014, Sup2: 14.7634, Res1: 14.8366, Res2: 14.8605
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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