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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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Free AccessUSD/TRY Subdued As The Big Test of CBRT Autonomy Looms
- USD/TRY trades mostly flat at the open, despite a slightly firmer greenback.
- Price action has compressed somewhat into the back end of last week as markets dial in on the CBRT meeting (Thurs) for clues on prospects for Turkish monetary policy going forward.
- Markets will be watching tone and phrasing from new Gov Kavcioglu to gauge whether he will cave to Erdogan's pressure to cut rates earlier than is necessary, creating upside risks to price stability, inflation expectations & USD/TRY volatility.
- Headline risks from Erdogan on the rates trajectory may cause sporadic bouts of volatility in the cross this week, but the decision and statement will be the core basis of market expectations for policy over the coming months.
- Escalating Covid cases and expectations for a shutdown are likely to weigh on TRY sentiment – with an announcement on restrictions due this week.
- Current Acc & unemployment data due today, with signs of a widening current account deficit being another noteworthy concern, should the CBRT fail to deliver more stability going forward.
- Intraday Sup1: 8.1135, Sup2: 8.0236, Res1: 8.2046, Res2: 8.2538
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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.