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USD/TRY Rally Resumes

TURKEY

USD/TRY rallying in recent trade, rising to touch 8.0921 - highest level since Monday. No headlines or newsflow to prompt the move, but TRY weakness is running against firmer EM currencies and risk proxies more generally.

  • Worth watching offshore TRY borrowing rates should TRY weakness persist - one of the tools seemingly used earlier in the week to stem the disorderly USD/TRY rally. One-week currently at 37 points after touching 400 points on Tuesday.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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