-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Data
-
MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
-
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Data
-
MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
-
About Us
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessUSD/TRY Hovers Around 8.60 as the EU Eyes Erdogan's Varosha Visit
- USD/TRY trades mostly flat around the open after broad-based risk off and a stronger BBDXY moved the cross higher towards 8.60.
- With limited data on the agenda today, the cross should track global risk sentiment and may be sensitive to developments in Northern Cyprus.
- Erodgan is set to conduct his second day of touring around the TNRC and is expected to open a mosque in the controversial city of Varosha, which the EU will be watching closely.
- Yesterday, Erdogan fanned tensions with the West by voicing support for the two-state solution and announcing construction of a presidential complex to show a more tangible Turkish presence on the island.
- The EU has previously said that the establishment of further infrastructure and the re-opening of Varosha would be deemed inflammatory – and will be monitored closely today.
- TRY continues to perform relatively well vs its EM peers, given high rates of carry and reduced dovish drivers in CBRT policy.
- TRY should continue to do relatively well so long as rising inflation keeps Erdogan's pressure to cut rates at bay, but this still remains just a matter of time before the first cuts are called for with the current consensus being 4Q21.
- Intraday Sup1: 8.5633, Sup2: 8.5419, Res1: 8.6106, Res2: 8.6399
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.