Free Trial
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.
TURKEY
- USD/TRY trades -0.05% lower this morning, mirroring price action in the BBDXY.
- The cross made a decent round trip in yesterday's session after finding sellers at 8.9371 resistance on the back of more risk positive energy stability comments from Putin that saw upside pressures in the USD recede.
- This formed a bearish inverted hammer candle pattern on the daily chart, with upside momentum fading somewhat in the near-term.
- While little info has come out yet about the closed door Greece-Turkey talks, comments from AKP Spox Celik stoked tensions and showed the frayed nature of current relations between the two.
- Interestingly, the Nation Alliance has also just polled above the People's alliance for the first time since 2018, with Erdogan looking vulnerable into 2023 - under pressure from rising inflation and socio-economic issues such as migration undermining his support base.
- USD/TRY price action has pulled back into the 8.8335-8.9371 range ahead of US payrolls tomorrow and should trade in line with broad risk sentiment today.
- Intraday Sup1: 8.8504, Sup2: 8.8335, Res1: 8.8915, Res2: 8.9371
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok