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Free AccessUSD/TRY Holds Within its Lateral Range Ahead of Key Data
- USD/TRY trades +0.29% higher this morning, paring most of yesterday’s initial move lower following US CPI, which saw markets boost Fed rate hike bets from ~5 to 7 in 2022.
- The print precipitated extensive volatility in the aftermath with indecision in equities eventually ending in a -1.5-2.10% decline across major US indices – resulting in weaker risk sentiment in the APAC session.
- Global markets will continue to digest this today and may see additional volatility into the weekend.
- On the data front, markets will eye a potential deterioration in the current account balance, industrial production and the 12 months inflation outlook in Turkey as the economy shows signs of stress under rising inflation pressures.
- CHP leader Kilicdaroglu has joined in protesting utility hikes and social discontent in Turkey seems to be growing over unaffordable price hikes.
- USD/TRY remains within its lateral range (13.30-13.6614), but managed to return above 13.50 on USD strength.
- Intraday Sup1: 13.5087, Sup2: 13.4668, Res1: 13.5745, Res2: 13.6091
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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.