Free Trial

USD/TRY Inches Closer to Bull Trigger

TRY
  • USDTRY is narrowing in on the 17.4446 level, the 2022 high and the level seen just before the Turkish authorities outlined a clampdown on lending for firms deemed 'flush' with FX.
  • A break and close above here would mark a full reversal of the sharp 5+% TRY strength that followed the initial loans announcement, adding further pressure on the authorities to firm the TRY outlook.
  • The latest evidence suggests mixed impact of the recent attempts to curb loan growth, with Dunya this morning citing data showing conditions for business loans are expected to tighten further across Q3, however demand for loans from enterprise is seen growing further over the same period.
  • Technically, USDTRY trend conditions remain bullish and a break of the bull trigger at 17.4446 would resume the primary uptrend and open 18.00.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

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.