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USD/TRY Sticky in the 8.50-8.60 Zone Ahead of Biden Talks & CBRT

TURKEY
  • USD/TRY trades flat to higher at the open, broadly tracking USD price action after closing -0.21% lower in yesterday's session.
  • 8.5808 support remained sticky ahead of a jam-packed week ahead – with Biden-Erdogan talks and the CBRT meeting as major catalysts.
  • Overnight, Cavusoglu reiterated Turkey's position on the S-400s, saying if the US does not provide access to its Patriot systems – it will continue to buy S-400s from Russia.
  • Meanwhile Blinken threw his support behind Greece, calling Turkey's East Med activities RE Cyprus and the EEZ a violation of international law.
  • These two factors will be the key touchpoints of the Biden-Erdogan talks, with an additional focus on human rights abuses as sanctionable offences.
  • Intraday Sup1: 8.5808, Sup2: 8.5419, Res1: 8.6399, Res2: 8.6927
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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