Free Trial

USD/TRY Rangebound Awaiting Fresh Catalysts Above 7.00

TURKEY
  • USD/TRY opens marginally higher as rangebound trading persists, despite broad-based $ selling.
  • The cross has paused for breath around the 7.00 handle, awaiting fresh catalysts, but many on the sell side have updated targets to sub-7.00 levels, albeit with slightly trimmed positions.
  • S-400 compromise to implement a system similar to Greece's S-300 arrangement is a positive step for US-Turkey relations, but pressure within the Senate to act on Erdogan seems to be rising and may offset these positive steps.
  • The Cyprus issue is also heating up which may dent TRY sentiment in the near-term. The cross needs to break its current range to confirm a more decisive direction.
  • Sup1: 7.03-7.00, Sup2: 6.8889, Res1: 7.1228, Res2: 7.1733
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.