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USD/TRY Treads Water Above 8.60 as FOMC, CBRT Loom

TURKEY
  • USD/TRY trades -0.04% lower at the open, with price action notably muted as the FOMC meeting looms.
  • The cross ended yesterday's session -0.50% lower, with sellers stepping in around 8.67 but fell short of a close below 8.60.
  • The core focus of today's session will be on the FOMC where markets will eye comments on taper timelines and examine the updated dot plot for signs of consensus on rates lift off and the frequency of hikes to follow.
  • TRY assets have shown their vulnerability to rising UST yields, and are likely to be volatile around today's meeting. The cross is underpinned by dynamic support from the 100 & 50dmas around 8.50 with key bull trigger resistance defined at 8.8008.
  • Beyond the FOMC, we saw a positive statement released from Blinken on discussions with Cavusoglu, although the touchpoint issue of S-400s was not discussed and Turkey-UAE meetings will ick off today.
  • For tomorrow we have the CBRT – expected to keep rates on hold in order to bring some stability back to TRY and temper premature rate cut fears.
  • Attention will be on phraseology changes RE the pivot to core CPI. Intraday Sup1: 8.5883, Sup2: 8.5516, Res1: 8.6843, Res2: 8.7525
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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