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USD/TRY Pulls Back Slightly from 14.00, US CPI, PPI & Retail Sales the Weekly Focus

TURKEY
  • USD/TRY trades -0.76% lower this morning, pulling back slightly from the 14.00 handle as the cross continues to trade on its own.
  • TRY continues to drift higher as the government provides persistent tweaks and changes to fiscal/monetary instruments to arrest FX volatility, but discontent among businesses and the population is building.
  • This adds political pressure to Erdogan ahead of 2023 elections, with opposition becoming increasingly vocal as AKP support declines.
  • This week, markets will be looking for more clues on US-Turkey F-35 talks as a key benchmark of bilateral relations.
  • On the data front, the current account is expected to swing into a $2.50bn deficit on the back of a sharp rise in goods imports and a drop in tourism exports.
  • Analysts expect the deficit to print at less than 2% of GDP for 2021 and widen in 2022.
  • US CPI, PPI & Retail sales are the big-ticket items for global markets this week.
  • Attention is on 13.9356 (Friday & 03 Jan high) for the next leg higher, key support is at 13.4262. Intraday
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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