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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
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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