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Free AccessUSD/TRY Retraces Tuesday's Gains as Erdogan Continues to Back Low Rates Strategy
- USD/TRY trades +0.36% higher this morning, broadly maintaining yesterday’s upside momentum which saw the cross pull back from the 13.50 handle towards 13.80.
- Comments from Erdogan in support of the current low rates policy and calling for locals to invest in the domestic economy rattled TRY sentiment after two days of relative calm – offsetting more favourable global risk conditions.
- Today’s focus will be on gross FX reserve data which may have fluctuated due to use defending the currency last week and newly signed swap deals with regional peers.
- Beyond this, markets will likely start to shift their focus to US CPI tomorrow and the CBRT meeting next week with investors broadly expecting more rate cuts in the 100-200bp range.
- Intraday Sup1: 13.6333, Sup2: 13.4539, Res1: 13.8307, Res2: 13.8749
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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.