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USD/TRY Rangebound Amid Bond Outflows & Renewed USD Selling

TURKEY
  • Local rates open flat to lower after trading mixed in yesterday's session.
  • USD yields continued to push higher across the breadth of the curve, with the 10Y most offered at +14.2bp.
  • USD/TRY opens marginally lower after managing to hold below 7.50 once again as the shine came off the $ buying spree and UST yields pulled back lower.
  • Firmer industrial production figures saw little impact on spot, but outlaws in Turkish USD bonds seems to be tempering USD/TRY downside slightly for now.
  • $-side factors remain the primary driver for now, with US CPI coming into focus today.
  • 5Y CDS ticking up to 331.09.
  • Cross now trading in a broad range: Sup1: 7.4117, Sup2: 7.3483, Res1: 7.4679, Res2: 7.4976
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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