Free Trial

USD/TRY Hovers Around 12.00 as Govt Officials Back Low Rates, High Growth Policy

TURKEY
  • USD/TRY trades +0.61% higher this morning, tracking price action in the BBDXY.
  • Yesterday saw some calm return to the cross with 1m implied volatility coming off its peak above the 50 mark.
  • Comments from Government officials remain concerning as they continue to back the current policy stance of low rates and high growth, which may pose risks to further easing as leaders double down, despite the clear market implications.
  • With limited data on the agenda and many still on holiday in the US, the focus should still remain on domestic factors with markets still sensitive to headline risks from government officials on rates policy.
  • Intraday Sup1: 11.8667, Sup2: 11.5871, Res1: 12.3428, Res2: 12.4788
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

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.