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USD/TRY Moves +1% Higher on Erdogan Comments, Weak TRY Sentiment

TURKEY
  • USD/TRY notches 1% higher on the day, now trading around 8.2046 resistance
  • Comments from Erdogan regarding rates, FX, inflation and CBRT reserves supporting upside
  • General weak TRY sentiment on the back of expectations for a more dovish CBRT going forward keeping USD/TRY biased higher
  • Local & USD rates continue to weaken, with local more offered in today's session
  • 7Y & 10Y under-performing
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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