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USD/TRY Stalls Short of 15.00 as Oil Prices Slip

TURKEY
  • USD/TRY trades -0.02% lower this higher, treading water around 14.80 with a softer BBDXY putting downside pressure on the level.
  • The cross rose +0.60% yesterday, but failed to make a new high above 14.90 as upside momentum stalled out slightly with the decline in oil prices.
  • Talks with Sholz yesterday speak to improving relations with Turkey and the West as a result of the Ukraine crisis, with Erdogan also making efforts to improve regional ties to hopefully attract swap agreements and foreign currency investment to offset its BOP challenges.
  • Nevertheless, inflationary problems remains the key driver of TRY weakness with the CBRT broadly expected to keep policy on hold this week at 14.00%.
  • Today’s focus remains on ceasefire talks, with negotiators expecting results in the next 1-2 weeks and at the latest by the start of May. Ahead of the meeting the CBRT & state banks may look to defend the 15.00 level.
  • Intraday Sup1: 14.7634, Sup2: 14.6865, Res1: 14.8366, Res2: 14.8991
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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