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USD/TRY Pressures 8.80 as Markets Brush Off Relatively Hawkish CBRT

TURKEY
  • USD/TRY opens higher in line with a firmer BBDXY and weak risk sentiment out of APAC.
  • Last week, TRY depreciated 4.23% vs the USD, bringing price action back above 8.70 as returning USD strength roiled vulnerable EM markets.
  • The marginally hawkish tilt in phraseology from the CBRT was broadly ignored by markets, which continue to expect premature easing in Q3-Q421 – leaving a high bar for TRY appreciation.
  • The cross is now a fraction below 8.80 resistance, which if broken, could lead to more upside towards 9.00 in the near-term.
  • Sell-side continues to see TRY as one of the more vulnerable currencies to a rise in US Treasury yields.
  • Intraday Sup1: 8.7488, Sup2: 8.6983, Res1: 8.8008, Res2: 8.90
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Markets NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Markets NewsHomepage

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