Free Trial

USD/TRY Pulls Back from March Levels Ahead of CBRT Inflation Report

TURKEY
  • USD/TRY trades -0.18% lower this morning, tracking the BBDXY as it fades off its early highs.
  • Price action fell just short of 14.8366 resistance yesterday as the cross retuned towards March levels.
  • Broad-based risk-off, geopolitical risks and relentless USD strength remain the key drivers in the EM FX at the moment with TRY following a similar course.
  • Markets will eye Erdogan’s visit to Saudi today as he attempts to smooth over relations to encourage investment and swap deals to offset risks to Turkey’s BOP issues.
  • Russia’s threats of gas shut offs for unfriendly states are a concern to monitor ahead of trade balance data, which has been reflecting the negative impact of rising energy prices in recent months via a widening deficit that continues to weigh on TRY.
  • Economic confidence data is also due at 0800BST. Intraday Sup1: 14.7634, Sup2: 14.74, Res1: 14.8138, Res2: 14.8366
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.