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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% at the open, diverging slightly from a marginally weaker greenback.
- The scaling back of lockdown measures buoyed TRY sentiment yesterday, facilitating a third firm reversal back below the 8.50 handle.
- Price action failed to break below the lower trendline of the ascending flat-sided triangle pattern on the daily chart needed to alter the underling USD/TRY uptrend.
- A Consolidated close below 8.30 would achieve this and will be eyed closely in today's price action.
- Covid cases continue to exhibit a decelerating trend, increasing the prospect of a half-decent tourist season in Turkey.
- Meanwhile, Erdogan continues to criticise Western handling of the Israel-Palestine conflict, holding regular discussions with OIC members to rally support for Palestine.
- Intraday Sup1: 8.3006, Sup2: 8.2593, Res1: 8.3597, Res2: 8.3984
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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