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USD/TRY Holds Within its Lateral Range as Social Pressures Build On the Ground

TURKEY
  • USD/TRY trades +0.22% higher this morning, paring a portion of yesterday’s move lower.
  • The cross closed -0.18% lower yesterday on the back of selling pressure on the BBDXY and firmer US equities, which kept global risk sentiment firmer.
  • Pressures on the ground are building in Turkey as frustration over inflation becomes more visible with more sectors of the economy threatening to strike over aggressive price hikes.
  • US CPI will be the primary focus today as markets look for a marginal softening in m/m figures to 0.4% vs 0.5% prior. USD/TRY price action remains contained within its 13.30 – 13.6614 range, awaiting a breakout for a more decisive near-term direction.
  • Intraday Sup1: 13.5087, Sup2: 13.4262, Res1: 13.6344, Res2: 13.6614
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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