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USD/TRY Turns Higher Ahead of Greece Talks, With Tensions Elevated

TURKEY
  • USD/TRY trades +0.15% higher this morning, tracking early upside in the BBDXY.
  • The cross closed yesterday's session +0.17% higher, with price action turning slightly higher to retest the 8.8915 level.
  • The focus today will be on Greece-Turkey talks, with bilateral ties at an all-time low amid a brewing arms race in the East Med.
  • Frictions have undoubtedly escalated in recent months with both sides eyeing large-scale arms deals and various altercations in the East Med.
  • At this juncture It seems hard to see any substantive progress being made in today's meeting.
  • Price action in USD/TRY remains mostly subdued, but has pivoted towards a slightly near-term bullish bias.
  • A move and close above 8.8915 is needed to see a resumption of the bull trend towards 8.95-9.00.
  • Intraday sup1: 8.8504, Sup2: 8.8335, Res1: 8.8915, Res2: 8.9371
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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