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CBRT to remain on hold, TRY bearish near term – Danske Bank

FXStreet (Edinburgh) - Senior Analyst at Danske Bank Morten Helt sees the Turkish central bank staying on the sidelines today, and the bearish tone to persist around the lira in the short term

Key Quotes

“The TRY has been one of the best performing EM currencies post the FOMC meeting and we expect Turkey’s central bank to keep its key rate unchanged at 7.50 as the TRY’s recent slide due to political uncertainty and its weak prospects on Fed hike expectations have stabilised”.

“However, we remain bearish on the TRY in the medium term targeting USD/TRY at 3.16 in 3M. This will add pressure for an emergency hike late 2015 despite fragile economic prospects”.

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