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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, havering around the 9.55 mark after the cross failed to breach 9.4867 support.
- USD/TRY fell -0.76% on the day, breaking an ascending triangle pattern to the downside that had been building since last Tuesday.
- The cross remains pegged within the 9.4867-9.6249 range for now, awaiting a break of either of these levels to confirm a more decisive near-term direction.
- Back and forth on F-16s and F-35s continues with lawmakers and foreign ministers with the deal becoming a proxy for relations and an opportunity for Turkey to patch ties after the envoy incident – if managed correctly.
- Research has shown that the purchase of F-16s would be costly and a step in the wrong direction for Turkey, but may be a calculated cost to improve relations with the US – while the F-35 option seems stickier and harder to get through.
- Today's focus will be on pre-FOMC market pricing, with markets getting jittery about potential for a hawkish dialogue on inflation and rates lift-off.
- USD/TRY should remain choppy today, driven by global factors with a move below 9.4867 opening up the base of the triangle at 9.4252-9.4157 – close to the 61.8% fib of the recent move higher from 21-25 Oct where we see good support.
- Intraday Sup1: 9.4867, Sup2: 9.4252, Res1: 9.6249, Res2: 9.7121
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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