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USD/TRY Hovers Around 8.00 as Markets Digest Kavcioglu's First CBRT

TURKEY
  • USD/TRY trades mostly flat to lower at the open as spot remains pegged above the 8.00 handle.
  • Early strength in the greenback seems to be reversing somewhat as risk-on selling pressure from last week filters through into today's session.
  • With limited local data on the agenda this week, markets will continue to monitor CBRT comms for follow-up comments on last week's meeting and how a perceivably more dovish central bank will impact rates & FX markets going forward.
  • Additionally, rising virus cases and tensions with Greece will likely become a more significant price action driver with Kavcioglu's first CBRT meeting out of the way.
  • USD/TRY remains caught in a lateral range between 8.0236-8.1135 awaiting catalysts for a more decisive near-term direction.
  • Intraday Sup1: 8.0236, Sup2: 7.9826, Res1: 8.1135. Res2: 8.1793
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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