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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.
TURKEY
- USD/TRY trades +0.08% higher this morning, mirroring early price action in the BBDXY. The cross moved sideways in yesterday’s session, failing to make another attempt at the prior session’s highs and the upper end of the lateral channel pattern.
- Nevertheless, price action remains in close proximity to the upper end of the channel at 13.6782, with a break through this level opening up the prior highs at 13.9542.
- Today’s CBRT is expected to represent a placeholder meeting with the MPC continuing its current wait & see policy stance – keeping rates on hold at 14.00%, despite soaring inflation. With a broad consensus around this decision, markets are not expecting major gyrations.
- Overnight the FOMC minutes showed a willingness to tighten faster if inflation remained more persistent than expected. Nevertheless, no explicit mention of balance sheet run-off or a 50bp hike saw markets interpret the minutes as slightly less hawkish than expected.
- Intraday Sup1: 13.5823, Sup2: 13.5489, Res1: 13.6344, Res2: 13.6614
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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