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USD/TRY Pierces 30.00 Handle Ahead of Investor Meeting

TURKEY
  • USD/TRY has pierced above the 30.00 handle, extending YTD gains to 1.6% and recording a fresh all-time high. The break above the psychological level precedes an investor meeting hosted by the Turkish central bank at the JP Morgan New York headquarters which will be attended by CBRT Governor Hafize Gaye Erkan and virtually by Treasury & Finance Minister Mehmet Simsek.
  • The goal of the event, where attendance is restricted to JP Morgan’s clients, is to instil more confidence in investors who remain unsure the switch in direction is set in stone, Bloomberg write. Turkish officials have been attempting to persuade foreign investors to return to buying lira assets since the new economy team was formed following the Presidential elections last year.
  • The central bank publishes weekly portfolio capital flows data at 1230GMT/1430 local time. Retail Sales and Current Account data is on the docket tomorrow.

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