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Free AccessUSD/TRY Moves Below 8.40, Downside Supports Looking Sticky Pre-Jackson Hole
- USD/TRY trades 0.07% higher this morning, in line with a retracement higher in the BBDXY.
- USD/TRY continued to push lower in yesterday's session, breaching 8.40 support amid slightly more tentative risk conditions.
- Price action is now approaching the July/August lows, and supports are starting to look stickier to the downside with many analysts concerned about the CBRT's next move in September, should inflation tick higher above the one-week repo.
- For today, broad risk sentiment will continue to drive the pair as we draw closer to the Jackson Hole Symposium.
- Markets will be focused on potential taper details and the Fed's assessment of the delta variant in terms of policy – but uncertainty around the meeting is relatively high.
- News that Turkey may be removed from the UK's red list in the near-term is good news, but may come a bit late in terms of drawing maximum tourist flows.
- Downside momentum in USD/TRY appears to be slowing slightly ahead of major supports in the 8.40-8.28 region but remains short of oversold territory.
- Intraday Sup1: 8.3649, Sup2: 8.3304, Res1: 8.4021, Res2: 8.4533
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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.