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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.
TURKEY
- USD/TRY trades +0.23% higher this morning, tracking early price action in the BBDXY. The cross pulled back from the topside of its lateral channel in yesterday’s session as Officials promised lira stability to investors.
- Covid conditions on the ground are deteriorating with the Netherlands adding Turkey as a ‘high risk’ travel area, but effects should be limited for now with a few months left before peak tourist season.
- Wage protests, however, are expanding with healthcare workers threatening extended action until their demands are met.
- Municipal mayors are also voicing their concerns over inflation, warning that price rises are making service delivery near impossible - adding headwinds for Erdogan and the AKP.
- USD/TRY remained within its lateral range (13.30-13.6614) on the back of USD weakness, but may continue to add pressure on this level as local risks/pressures mount against a tightening external backdrop.
- Intraday Sup1: 13.5087, Sup2: 13.4262, Res1: 13.6614, Res2: 13.7261
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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