CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/TRY Pressures 8.60 as Foreign Relations Become the Key Focus

TURKEY
  • USD/TRY opens marginally higher, in line with an early bid in the greenback.
  • The cross moved lower in yesterday's session, retesting the 8.60 level on broad-based USD weakness.
  • Early indications suggest Cavusoglu's talks with French FM were positive with no major pressure or negative headlines RE Turkey-EU relations.
  • We will continue to monitor this today, however. More pressure on the HDP will likely not go down well with the international community at a time when Turkey is trying to be on best behavior ahead of Biden-Erdogan talks.
  • No real signs of a tough stance on S-400s has been mentioned by US officials yet, or how it views Turkey's move to expel Russian S-400 experts – but this will likely be the key component of talks alongside East-Med tensions.
  • With limited data on the agenda today, USD/TRY will likely continue to track broad risk sentiment.
  • The 8.60-8.50 zone may be sticky in the near-term with buyers keeping the cross supported as markets remain concerned about premature rate cuts, despite lower CPI – owing to high TRY volatility.
  • Intraday Sup1: 8.5808, Sup2: 8.5419, Res1: 8.6399, Res2: 8.6927
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

To read the full story

Close

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.