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USD/TRY Holds Onto Its Tight Range, Despite Firmer Risk Conditions

TURKEY
  • USD/TRY trades -0.16% lower this morning, testing the lower threshold of its recent range on the back of broad USD weakness.
  • Comments from Powell bolstered risk sentiment yesterday as he alluded to a more measured balance sheet run-off spanning several months.
  • USD/TRY was less responsive to risk-on with traders still circumspect about the lira amid constant policy tweaks from Govt and positioning likely very light.
  • Uptake in FX forward auctions and in the FX-linked deposit scheme has been low thus far, and may lead to more forceful measures from Govt eventually.
  • Accusations of PKK links against CHP leader Kilicdaroglu are becoming more vocal from the ruling alliance and will need to be monitored going forward as this is a common AKP suppression tool.
  • USD/TRY remains pegged within the 13.7261-13.9404 range, awaiting a breakout on either side to confirm a more decisive near-term direction.
  • Intraday Sup1: 13.7261, Sup2: 13.5489, Res1: 13.9404, Res2: 14.1811
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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