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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 -0.19% lower this morning, tracking early weakness in the BBDXY.
- The cross closed Friday's session -0.14% lower, having failed to establish a new high above 9,7691 resistance.
- Progress on a domestic missile system (Siper) is an interesting development that could see Turkey in a position to drop the S-400s and alleviate some geopolitical pressure, but no indications were made that Turkey will do so as of yet.
- Focus for the week will be on current account, expected inflation and industrial production data – due throughout the week.
- In September the CA surplus is expected to rise to $0.8-1.4bn.
- However, most sell-side analysts see this as being temporary and likely to widen in 2022 as energy prices rise and policy is eased.
- The cross seems to have lost some upside momentum on Friday and may drift within the 9.5419-9.7691 range until the upper bound of the range is broken.
- The bias for fading TRY strength still remains prevalent going into the next CBRT meeting, however.
- Intraday Sup1: 9.6249, Sup2: 9.5419, Res1: 9.7691, Res2: 9.85
USD/TRY 1m RR
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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