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USD/TRY Holds Its Lateral Range, Looking for Catalysts

TURKEY
  • Local & USD rates remain unch this morning after a firmer session yesterday. USD rates outperformed in yesterday's session trading 5.3-12bp lower across the curve.
  • Locals retraced early gains, but remained in the green while peers SA & Russia Slipped into the red.

  • USD/TRYopens lower on a softer greenback but remains broadly pegged within its lateral range. The covid situation continues to deteriorate, with ICU occupancy rising above 70%.
  • Limited local newsflow and data this week should see broad risk sentiment and USD-side moves dominate price action with the CBRT in the rear-view mirror.
  • We will need to see a break in the lateral range to see a more decisive near-term direction established. Intraday Sup1: 8.0236, Sup2: 7.9826, Res1: 8.1135. Res2: 8.1793
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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