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- USD/TRY trades a fraction higher at the open, tracking early upside in the BBDXY.
- Buyers re-entered the cross around 8.55 yesterday, but failed to push price action back above the 50dma at 8.5842.
- W/w the cross has remained mostly rangebound and slightly firmer (+0.45%) amid fluctuating risk sentiment – occupying the 8.50-8.60 range.
- With limited data on the agenda for today, and Eid celebrations still underway the cross will likely be driven by broad global risk sentiment and USD-side factors.
- US PMI's are the key data point on the agenda. Intraday Sup1: 8.5419, Sup2: 8.5042, Res1: 8.5808, Res2: 8.6064