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Free AccessUSD/TRY Pressures 8.40 as Fed Hawks Spark Volatility Pre-Jackson Hole
- USD/TRY trades flat around the open, mostly brushing off early choppiness in the BBDXY.
- The cross pared an early move towards 8.35 in yesterday's session as surprise comments from Fed Hawks Bullard and Kaplan called for an immanent announcement of the taper in September followed by a gradual 8-month implementation from October – sparking some intraday volatility and catching markets somewhat off guard.
- Focus will undoubtedly be on Fed Chair Powell today, with risks that markets could be once again caught off guard with broad expectations having aligned with the meeting being a non-event and light on details.
- In a blow to domestic tourism, the UK failed to remove Turkey from its travel redlist, despite confidence from HealthMin Koca.
- USD/TRY remained below 8.40 yesterday, but buying pressure on moves lower has seemed more robust in recent sessions – with downside supports becoming more sticky.
- Intraday Sup1: 8.3649, Sup2: 8.3337, Res1: 8.4021, Res2: 8.453
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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.