Turkish CPI data and TRYUSD reaction
Just saw the latest Turkish CPI numbers dropped. While I haven't deep-dived into the specifics yet, the initial market reaction on $TRYUSD is interesting. We're seeing it hovering around $0.02128661, even with some intraday volatility hitting $0.02136556 earlier. The -0.05% on the day feels muted given what I'd expect from inflation prints out of Turkey. Makes me wonder if the market was already pricing in something worse, or if there's a different narrative at play that I'm missing.
Definitely keeping $TRYUSD on the watchlist, especially as we approach the next central bank meeting. The range today, from $0.02088 to $0.02136556, indicates there's still underlying uncertainty. Curious to hear how others are interpreting this move and if it changes your outlook on any related crosses.
Yeah, it definitely feels like a lot of the inflationary pressure might already be priced in, or at least the market is so used to high CPI numbers from Turkey that it doesn't react as strongly to individual prints anymore. I wonder what the longer-term sentiment is looking like.