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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.
TURKEY
- USD/TRY trades a fraction lower at the open, resisting signs of early USD weakness somewhat.
- The cross found support at 8.4345 in yesterday's session as limited selling pressure keeps the cross biased higher as price action squeezes towards major resistance in the 8.4851-8.5139 zone.
- Tensions with Greece remain high ahead of a number of talks in the coming days, with analysts showing little hope for resolutions in key areas of disagreement.
- Erdogan threw his weight behind Interior Minister Soylu yesterday amid calls for his removal and for Erdogan to address allegations of close AKP-mafia links causing social discomfort in Turkey.
- TRY continues to underperform EM peers with Turkish markets lacking clear positive catalysts. With the flat-sided ascending triangle pattern coming to a close, the cross is approaching a breakout point in the coming sessions.
- Intraday Sup1: 8.4345, Sup2: 8.3984, Res1: 8.4851, Res2: 8.5139
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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