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USD/TRY Pegged Above 7.00, Looks to Powell to Soothe Markets

TURKEY
  • USD/TRY opens higher after briefly drifting towards the 7.00 handle on a softer Greenback in early trading.
  • Rising UST yields continue to propagate volatility in EMFX, keeping risk proxies choppy as markets wrestle between risk-off/on.
  • Tensions with Greece/US remain elevated in the background, while opposition criticism and Erdogan's defence of Albayrak's role in selling FX reserves sparked a bid in USD/TRY during yesterday's session - peaking at 7.0875.
  • Focus today on Fed's Powell for comments to soothe markets.
  • Res1: 7.0673, Res2: 7.1125, Sup1: 7.0043, Sup2: 6.9711
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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