Free Trial

USD/TRY Treads Water Above 9.00 as US CPI, FOMC Minutes Approach

TURKEY
  • USD/TRY trades -0.03% lower this morning, treading water ahead of big day of US data.
  • The cross drifted +0.44% higher yesterday with price action establishing itself above the 9.00 handle.
  • Today's focus will be on US CPI – expected to print flat y/y & m/m at 5.3% & 0.3% respectively amid concerns of rising energy prices and stagflationary risks.
  • This will be followed by the FOMC minutes which are likely to confirm plans for a November taper with the weaker NFPs still sufficient to justify the curbing of asset purchases.
  • Both events may precipitate some volatility across the EM universe today with the market still primarily positioned long USD.
  • On the local front, Turkey sees home sales data this morning.
  • USD/TRY continues to be biased higher after breaching the 9.00 handle, although price action is registering overbought on the daily chart.
  • Intraday Sup1: 9.0178, Sup2: 8.9905, Res1: 9.0590, Res2: 9.0972
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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.