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Free AccessUSD/TRY Hovers Around 8.00 as Markets Digest Kavcioglu's First CBRT
- 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
To read the full story
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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.