MNI BRIEF: Fed's Williams Says There's No Urgency To Cut Rates

MNI: US March Existing Home Sales Fell 4.3% To 4.19M

WILLIAMS: NOT BASE CASE TO RAISE RATES FURTHER

MNI BRIEF: Beijing Opposes U.S. Measures Against Chinese Steel

MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

MNI: FED BALANCE SHEET TOTAL ASSETS -$33B TO $7.406T IN WEEK

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/TRY Takes Out 8.50 as Risk Assets Surge Post-FOMC

TURKEY
  • 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
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

To read the full story

Close

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.