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Policy
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Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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G10 Markets
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Real-time insight on key fixed income and fx markets.
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Real-time insight of emerging markets in CEMEA, Asia and LatAm region
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Real-time insight of oil & gas markets
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MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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About Us
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Free AccessUSD/TRY Tentative Post-CBRT, Markets Await May CPI for Easing Clues
- USD/TRY trades flat to slightly lower this morning, having gained some firm downside traction in yesterday's session on the back of broad-based $ selling.
- Yesterday's CBRT came in directly in line with expectations with many analysts pleased about its more cautious sounding phrasing, retaining the rates kept above inflation component and noting
- "the current stance will be maintained until the significant fall in the April inflation report's forecast path (12.2% y/y) has been achieved."
- However, the recognition of a peak in CPI and the changed wording on the impact of tightening "has begun to be observed" was concerning among local analysts, who said the data did not support this on the loan growth front – opening the door to premature cuts.
- While the CBRT has won back some credibility by holding rates, concerns RE premature cuts will remain partially priced into TRY assets.
- Inflation metrics will be monitored closely in the coming month for signs of a cyclical peak and scope for premature easing in 3Q-4Q21.
- Intraday Sup1: 8.2538, Sup2: 8.2046, Res1: 8.3006, Res2: 8.3319
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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.