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Thoughts on Turkey's Latest Inflation Print and USDTRY
The latest inflation numbers out of Turkey certainly caught my eye this morning. While the market seems to be digesting it, I'm watching $USDTRY with a bit more caution now. The range today, 46.841–47.035, is tight, but the longer-term trend remains firmly up, despite the slight consolidation around the 47.0277 mark currently. It makes me wonder how long the CBRT can maintain its current stance, especially if the pressure on the Lira continues.
I'm not expecting any dramatic shifts overnight, but it definitely reinforces my view on maintaining a disciplined approach to risk on any TRY crosses. My watchlist is skewed towards pairs with clearer macro catalysts. This recent data doesn't provide any comfort for bottom-fishing yet.
1 comments · 1 points
It's interesting how tight the range is today, especially with those inflation numbers. Do you think the CBRT might be forced to make a move sooner than expected, or can they really hold out for a while longer?