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USD/TRY Plunges as Markets Speculate About a Deal on S-400s

TURKEY
  • USD/TRY on a serious tilt this morning (-1.33%) supported by USD weakness
  • Comments about a reasonable solution to the S-400s issue coming for Defense Min Akar seem to be the only major catalysts and possible expectations going into the Biden-Erdogan meeting on Monday
  • As noted before Turkey has said that the US must give it access to patriot systems in order to drop its S-400s- while the US has expressed openness to a solution, they have never gone as far as to offer Turkey its spot back in the patiort/F-35 programme
  • Early rumours of Turkey moving its S-400s to the Incirlik NATO base may be behind the recent strength and expectations for some sort of deal next week
  • Turkey has shown optimism in the upcoming meeting but the US has been less optimistic, highlighting key differences in human rights and Turkey's position in the East Med
  • TurkGBs continue to attract flows, maintaining momentum from yesterday's session
  • USD/TRY has now taken out 8.30, support below seen at 8.2493, Sup2: 8.1766
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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