Free Trial

USDTRY Dips on Rate Announcement, Majority of Losses Quickly Pared

TRY
  • Key from the policy statement is that the pace of tightening will slow down with the current cycle seen being close to completion.
  • While a 250bps was the consensus among sell-side, a not-insignificant number of analysts predicted a larger move (6 of the 25 surveyed by Bloomberg expected a hike of more than 250bps, 2 of which saw 500bp).
  • USDTRY immediately dipped over 2 big figures on the rate announcement, but quickly pared the majority of its losses. The pair last deals at around 28.75, down 0.3% on the day.

To read the full story

Close

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.