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USD/TRY Teeters on 9.50 as Analysts Upgrade Year-End Targets to Above 11.00

TURKEY
  • USD/TRY trades +0.20% higher this morning, hovering a fraction above the 9.50 handle as the cross continues to trade on its own in the EM space.
  • USD/TRY closed yesterday's session -0.39% lower, having failed to make a consolidated break below 9.4867.
  • For now, the cross is occupying the 9.40-9.6249 range, awaiting fresh catalysts to determine a more decisive near-term direction.
  • Nevertheless, a number of analysts have come out with even more pessimistic USD/TRY targets above the 11.00 handle before the end of the year as the CBRT continues to cut rates into oncoming CPI headwinds.
  • Comments from the White House show the Erdogan-Biden meeting in Glasgow is not yet set in stone, and following the envoy expulsion incident could see Biden play hardball, should he decide to snub Erdogan's request.
  • This would be a clear sign of renewed frictions with the West and the US' likely displeasure over the way the envoy incident was handled – so, we will be watching closely to see if Biden accepts.
  • Intraday Sup1: 9.4867, Sup2: 9.4252, Res1: 9.5419, Res2: 9.6249
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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