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USD/TRY Treads Water Around 13.50 as Markets Prep for Fed Day

TURKEY
  • USD/TRY trades +0.19% higher this morning, continuing to flirt with the 13.50 handle after yesterday’s broadly choppy price action.
  • The cross remains pegged within its sideways range from 13.5745-13.3113 ahead of the FOMC meeting today where markets are expecting Powell to signal the first +25bp hike in March.
  • Anything short of this signal may be interpreted as relatively dovish, but attention will also be on the possibility of an earlier conclusion to tapering.
  • With limited data on the agenda, this should dominate daily price action alongside broad-based risk-off surrounding burgeoning Russia-West tensions.
  • Intraday Sup1: 13.3613, Sup2: 13.2905, Res1: 13.5745, Res2: 13.6614
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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