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USD/TRY Hovers Around 7.50, Greece Talks & Fed in Focus

TURKEY
  • USD/TRY trading mostly flat at the open as choppiness in the greenback persists ahead of today's Fed meeting.
  • Focus will be split between both Powell and exploratory talks with Greece today, with both holding the potential to move markets around (Greece talks less-so).
  • Turkey's approach to talks with Greece have a strong bearing on the EU's sanctions stance going into the March 25 Summit.
  • Mixed messages from Erdogan yesterday, saying Turkey will not compromise on the East Med – while his last 2-months have been spent scrambling to patch ties around the region (Egypt & Israel) to soften the EU's approach.
  • Deviation from this more accommodative approach from Turkey may elicit a firmer stance from the EU, but at this point it seems more likely that they will extend the monitoring period – given Erdogan's efforts to be less aggressive.
  • CBRT also expected to raise rates +100bp in tomorrow's meeting -so plenty of price action catalysts abound.
  • Spot USD/TRY is hovering around 7.50 and may see rallies faded into the CBRT meeting – but the outlook below 7.30 looks decidedly cloudy.
  • Intraday Sup1: 7.4769, Sup2: 7.4167, Res1: 7.5466, Res2: 7.6196
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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