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USDTRY Approaching Fresh All-Time-High At 13.4539

TURKEY
  • As a reminder, Turkey’s lira slumped past 13 per U.S. dollar after Bloomberg HT reported that Doruk Kucuksarac, executive director for markets at the central bank, had left his post.
  • The renewed dollar bid and pressure on global equity indices has exacerbated the move higher in USDTRY in recent trade, with the all-time-highs according to Bloomberg pricing at 13.4539 within touching distance.
  • Technically, the risk has remained skewed to the upside with last week’s high the key directional bull trigger.
  • Key short-term event risk of note - President Recep Tayyip Erdogan will speak to state broadcaster TRT later Tuesday.
    • This follows his comments over the weekend where he stated: “I have never advocated and won’t be advocating for interest rate increases”.
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