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USD/TRY Teetering on 8.50 Support, FOMC Minutes The Core Weekly Focus

TURKEY
  • USD/TRY opens a fraction lower to start the week, broadly ignoring early upside in the BBDXY.
  • TRY gained +1.27% last week, with sentiment improving post-CBRT as markets unwound premature easing expectations for the meeting and took promises of keeping rates above inflation mostly at face value.
  • With limited data on the agenda for the week, global developments and the FOMC minutes are likely to dominate price action in the cross.
  • Elevated refugee flows from Afghanistan following the Taliban's takeover in Kabul is a key issue for Turkey, with the diaspora likely to cause problems for the Erdogan government with the economy already under strain due to the Covid Pandemic.
  • 8.50 remains a key psychological level for USD/TRY, with the 50% Fibonacci level of the 03-11 August range acting as support below.
  • A move through both of these levels opens up the 61.8% Fib at 8.4438
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

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