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Free AccessUSD/TRY Takes Out 8.50 as Risk Assets Surge Post-FOMC
- USD/TRY trades +0.3% high at the open, as early buying pressure lifts the BBDXY and weaker risk sentiment out of APAC filters through into the CEMEA session.
- The Cross made a notable move lower in yesterday's broadly risk-off session post-FOMC, taking out 8.50 to reach an intraday low at 8.4434.
- High carry in Turkish assets fuelled yesterday's bout of demand and has been supporting outperformance vs its EM peers since the start of July.
- However, this may start to fade as inflation ticks in the coming months, eroding carry potential.
- On the covid front, HealthMin Koca assured the public that most of the new covid infections were among the unvaccinated and this fourth wave may be less severe than prior waves.
- Trade balance data today is set to improve, which may add further support to TRY.
- Having moved away from the 50dma, next dynamic support is seen at the 100dma (8.3659).
- Intraday Sup1: 8.45, Sup2: 8.3843, Res1: 8.4951, Res2: 8.5419
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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.