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USD/TRY rate cresting at 5.8431 and....>

TURKISH LIRA
TURKISH LIRA: USD/TRY rate cresting at 5.8431 and re-approaching yesterday's
highs at 5.8593, with the 50-dma kicking in as resistance on a break at 5.9015.
After a firm Monday, TRY has slipped in early NY hours following the Kremlin
confirming that Russia is on track to deliver the S-400 missile system to Turkey
in July.
-Despite the turnaround in USD/TRY spot, 1m vols continue to pull lower,
breaking back below 18 points and approaching the early June lows at 17.3550.
-The moves come ahead of the Turkish central bank rate decision tomorrow, where
the bank are seen keeping rates unchanged at 24.00% for the one-week repo rate.

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