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- USD/TRY trades +0.07% higher this morning with the BBDXY treading water around the open and mixed risk sentiment filtering through from the APAC session.
- The cross pulled back from 8.40 in yesterday's session in line with broad-based USD selling towards the end of the session, but remained contained within the 8.52-8.40 lateral range.
- With limited data on the local agenda this week, the cross should continue to take its cues from global risk sentiment and pre-emptive CBRT positioning ahead of next week's decision.
- Today, the focus shifts to US CPI for USD-side drivers - and is expected to moderate slightly to 5.3% y/y & 0.4% m/m.
- Price action in the cross is currently pegged below the 100 & 50dmas in the 8.49-8.50 zone, and will need to make a consolidated close above to take the next leg higher.
- Intraday Sup1: 8.4021, Sup2: 8.3649, Res1: 8.4533, Res2: 8.4883