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- 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