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USD/TRY Rises +23% W/W as Markets Digest FX-Linked Deposit Tweaks

TURKEY
  • USD/TRY trades -0.15% lower this morning as markets tread water in the final session of 2021. The cross has continued to drift higher this week since Friday’s low for a +23% gain w/w.
  • Volatility remains high with markets still in holiday-mode, but concerns over fiscal and inflation-based risks to Erdogan’s FX-linked deposit scheme continue to brew in the background.
  • Trade balance data is set to deteriorate today, while markets will keep an eye on two Erdogan speeches throughout the day.
  • Intraday Sup1: 12.9096, Sup2: 12.6343, Res1: 12.4262, Res2: 13.6614
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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