Free Trial

USD/TRY Rejects 7.50, USD Factors & Industrial Production in Focus

TURKEY
  • USD/TRY opens higher in line with weaker risk sentiment and a buoyant greenback.
  • Current account data printed slightly worse than expected, but had little effect on spot, while unemployment came in flat.
  • Industrial production in focus this week for signs of risks to the recovery, but global factors likely to dominate price action this week with US CPI on the agenda.
  • Firmer USD kept EM on the backfoot last week as rising Treasury yields rattled some cages, but sell side still remains bullish EM FX, with TRY being pegged as one of the key outperformers for 2021.
  • Softening in the USD may see USD/TRY pare early weakness to return to 7.4117-7.3483 range & 200dma at 7.3317 as traders use this opportunity to reallocate to USD/TRY shorts.
  • Res1: 7.4679, Res2: 7.4918.
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.