Free Trial

USD/TRY Peaks Just Below 7.50 as Rising UST's Hammer EM Sentiment

TURKEY
  • USD/TRY trading higher at the open in line with continued global risk aversion.
  • Yesterday's substantial EM unwind on the back of rising UST yields continues to see outsized volatility hitting high-yielders.
  • USD/TRY peaked at 7.4435 this morning, following on from an aggressive late-session move yesterday.
  • 7.50 will be the key level to monitor today, and may keep a lid on the cross for now.
  • However, further upside in UST's into next week should keep risk sentiment broadly on the backfoot.
  • Although these levels are more attractive to enter back into TRY longs, markets will likely be a bit cautious, given outsized volatility.
  • Next week is a data-heavy one with CPI, PPI & GDP.
  • Sup1: 7.3498, Sup2: 7.2606, Res1: 7.4498, Res2: 7.5087
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@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.