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USD/TRY Pulls Back From Fresh All-Time High Ahead of Current Account Data

TURKEY
  • USD/TRY trades -0.32% lower this morning ahead of current account data, which is expected to show an improvement in line with CBRT forecasts for a narrowing of the deficit and eventual surplus going into 2022.
  • The cross marked a new all-time high on Friday, peaking at 8.9755 before retracting some upside this morning.
  • Focus this week will undoubtedly be on international data and the FOMC minutes with the US producing CPI, PPI & retail sales data as markets look for clues on the strength of the recovery and what that means for tapering and the eventual rates lift-off.
  • Additionally, EM investors will also be watching Chinese CPI, loan growth & money supply data for signs of flagging growth and tightening liquidity in EM's largest economy.
  • Over the weekend, the EP Rapporteur highlighted slightly improved Turkey-EU relations, but noted these were coming off a low base in 2020.
  • On the local front, Industrial production & expected 12-month inflation will eyed ahead of next week's CBRT.
  • Momentum in USD/TRY continues to be biased to the upside, but will need to make a consolidated break of the 9.00 handle to take the next leg higher towards 9.10-9.20.
  • Intraday Sup1: 8.9371, Sup2: 8.9161, Sup3: 8.8915, Res1: 8.9755, Res2: 9.07
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

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