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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.
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Free AccessUSD/TRY Treads Water Within its Range, Local Data In Focus
- USD/TRY trades +0.13% higher this morning, treading water above the 13.50 handle as sideways trading continues.
- Energy protests over the weekend underscored the gravity of the price pressures facing Turks, adding to frustrations with the Erdogan government, despite the currency’s recent bout of relative stability.
- Unemployment, current account & industrial production data will be the primary focus for the week with parliament going into recess until 15 Feb due to spiralling covid-19 cases.
- US inflation will be the big-ticket item for international markets following Friday’s notable upside surprise in NFP data – reaffirming the Fed’s current hawkish stance as the March meeting approaches.
- USD/TRY remains pegged within the 13.30-13.6614 range, awaiting a breakout in either direction for a more decisive near-term direction.
- Turkey’s wide negative real yields, however, make TRY acutely vulnerable to a tightening external backdrop with trade deficits and a narrowing current account adding depreciation pressures to the currency for a gloomy medium-term outlook.
- Intraday Sup1: 13.5087, Sup2: 13.4262, Res1: 13.6344, Res2: 13.6614
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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.