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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.
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Free AccessUSD/TRY Holds Its Range As the FOMC Comes Into Focus
- USD/TRY trades +0.15% higher this morning, holding within its 13.29-13.66 sideways range.
- The cross reversed early downside yesterday with broad-based risk off and softer US equities driving a safe haven bid in the greenback – squeezing EM FX across the board.
- Power issues due to Iranian supply complications are making conditions even more difficult for Turkish industries amid surging inflation. While economic activity remains robust, more protracted outages may start to weigh on activity.
- Today’s focus will likely be on tomorrow’s Fed, with markets anticipating forward guidance towards a +25bp hike in March.
- The bar has been set quite high for a hawkish surprise at this meeting so anything short of that signal will likely be construed as relatively dovish.
- The key focus will be on balance sheet communications and a potentially earlier end to tapering. Meanwhile USD/TRY remains mostly rangebound, although analysts remain bearish on TRY’s medium-term prospects.
- Intraday Sup1: 13.3832, Sup2: 13.3113, Res1: 13.5745, Res2: 13.6614
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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.