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USD/TRY Respects its Tight Lateral Range Just Shy of 15.00

TURKEY
  • USD/TRY trades +0.03% higher this morning, with the cross still pegged in its lateral range just shy of the 15.00 level.
  • Price action made a fourth attempt to push past 14.86 yesterday and failed – seeing another mostly flat close for the cross.
  • Erdogan pressed Western nations to drop sanctions against Turkey’s defence industry owing to its role in the Ukraine crisis, and placed EU accession as its next key strategic goal.
  • Inflation risks from a more protracted conflict in Ukraine remain prevalent for Turkey with ceasefire talks showing no concrete signs of progress this week.
  • Oil and Natgas prices have softened slightly this morning, however, easing depreciation pressure on TRY on the margins.
  • Intraday Sup1: 14.8014, Sup2: 14.7634, Res1: 14.8531, Res2: 14.9791
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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