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Free AccessUSD/TRY Inches Closer to 9.00, Erdogan-Putin Meeting Sees Few New Developments
- USD/TRY trades -0.15% lower this morning, testing yesterday's breakout through the 8.90 handle at the start of the session.
- The cross rose +0.54% yesterday to reach a new all-time high at 8.9577, broadly in line with a firmer USD towards the end of the session. Erdogan's meeting with Putin seems to have been mostly constructive, but failed to address the pressing issue of S-400s.
- Russia expressed its discontent RE drone sales to Ukraine, and both sides highlighted the need for a solution in Syria but no major developments seem to have come about as of yet.
- Focus shifts to trade balance data due at 0800BST and PMIs tomorrow. USD/TRY continues to be biased higher, but will need to hold onto gains above 8.90 to take the next leg towards 9.00.
- Economists also expecting headline to print higher at 19.7% in September, but see potential for the new CBRT benchmark in core inflation to decline slightly – providing more dovish space from the central bank.
- Intraday Sup1: 8.8915, Sup2: 8.8017, Res1: 8.9577, Res2: 9.00
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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.