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USD/TRY Takes a Big Round Trip On Sanctions Risks; Eyes 7.7950 Support

TURKEY
  • Big round trip in USD/TRY today
  • Signs of a substantial rebuild in core TRY longs on sanctions-related move back towards 8.00.
  • TRY rates also making a solid turnaround, especially in 10Y local.
  • Noteworthy support levels on a move through 7.7950 coming in at 7.7865, 7.6841 & 100dma at 7.6639.
  • Also worth considering is the fact that the US is yet to formally announce its CAATSA sanctions,
  • This could inject more volatility into the mix.
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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