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USD/TRY Treads Water as Fed Eyes Hikes at Every Meeting in 2022

TURKEY
  • USD/TRY trades +0.44% higher this morning as markets digest last night’s relatively hawkish FOMC meeting.
  • The Fed raise rates by +25bp and signalled hikes at all six remaining meetings for 2022 and balance sheet reduction in the coming meetings to tackle surging inflation.
  • Inflation forecasts were revised upwards and growth downwards, but Powell alluded a very strong economy that was able to withstand tightening – supporting a bid in US stocks.
  • The CBRT today is expected to be somewhat of a non-event with rates left on hold at 14.00%, despite inflation being expected to surge to 60-65% in the coming months.
  • Although there may be some hawkish tweaks to the statement, these are unlikely to have a material effect on the current low rates policy stance.
  • Meanwhile, Turkey continues to improve bilateral relations on a global scale as the Ukraine crisis places it in an important strategic bargaining position.
  • USD/TRY has been drifting slightly lower this week amid softening energy prices and should remain responsive to global risk sentiment and the Ukraine crisis into the weekend.
  • Intraday Sup114.6462, Sup2: 14.5619, Res1: 14.763, Res2: 14.8366
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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