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USD/TRY Pulls Back from 14.50, Traders Highlight FX Intervention This Week

TURKEY
  • USD/TRY retracing from the move to 14.6264 resistance (now +3.06%) - sharply diverging USD strength
  • State banks sold around $3.5 billion to support Turkey’s lira this week, according to traders who asked not to be identified because they’re not authorized to speak publicly.
  • This week’s intervention resulted in a shortage of lira liquidity offshore, spurring a surge in the cost of overnight funding to more than 104% from 14.5% a week earlier. - bbg
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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