Free Trial

USD/TRY Probes Range Resistance at 13.68; Markets Eye Inflation Data Next Week

TURKEY
  • USD/TRY trades +0.24% higher this morning, diverging slightly from a softer BBDXY on the margins.
  • The cross ticked higher in yesterday’s broadly risk-off session as the CBRT boosted its year-end inflation forecast to 23.2% vs 11.8% prior and Erdogan called on citizens to avoid public banks in favour of state banks.
  • Price action is holding just shy of the top end of the range held since 13 Jan (13.6820), with a break higher opening up the prior highs at 13.9356.
  • However, analysts expect state banks and the CBRT to be active around these levels to defend the 14.00 handle in the near-term.
  • With limited data on the agenda, USD/TRY should trade in line with global risk sentiment today ahead of a busy data week ahead with CPI, PPI, PMI & trade balance data on the agenda.
  • Intraday Sup1: 13.5745, Sup2: 13.5087, Res1: 13.6820, Res2: 13.7490
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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.