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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.
TURKEY
- USDTRY found resistance slightly below 9.50 following CBRT decision to cut its benchmark rate by 200bps to 16%; this level represents the 138.2% Fibo projection of the 6.95 – 8.80 range.
- Elevated political and economic uncertainty in addition to the 'dovish' CBRT have been weighing on TRY, which has been constantly testing new all-time lows against major crosses.
- TRY is the worst FX performer among the EM world since the start of the year, down over 21% against the USD and 17.3% against the Euro, respectively.
- Next resistance on USDTRY stands at 9.722, which corresponds to the 150% projection.
Source: Bloomberg/MNI
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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