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USD/TRY Slips Back Below 13.50 Following Softer US ISM Data

TURKEY
  • USD/TRY trades +0.09% higher this morning, treading water a fraction below the 13.50 handle.
  • Yesterday’s price action saw the cross move through the level then return below after softer US ISM data saw the USD sell-off sharply.
  • Erdogan continues to make policy tweaks daily in an attempt to ensure TRY stability, but local and international market participants remain uncertain and continue to cling to foreign currency.
  • This is reflected in lacklustre take up in the FX linked deposit scheme ($6.3bn) and $1.2m total bids in the 1 & 3m forward FX auctions.
  • Exporters’ meetings over the next two days will be key for business as Erdogan pushes to enforce 25% FX conversion in revenues, which could cause substantial difficulties for exporters.
  • Meanwhile, Erdogan’s popularity continues to whiter vs his CHO opponents Yavas and Imamoglu.
  • This is already driving him to have a more direct influence on any new policies - as seen by this morning’s increased presidential authority on FX-protected deposit accounts.
  • Overall, USD/TRY should continue to drift higher over the coming weeks.
  • Intraday Sup1: 13.1098, Sup2: 12.9096, Res1: 13.5903, Res2: 13.9356
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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