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18 Mar 2015
Outlook for TRY remains neutral – JP Morgan
FXStreet (Edinburgh) - Analysts at JP Morgan keep the neutral stance on the Turkish currency.
Key Quotes
“Signals that the political focus isswitching away from monetary easing and towards containing FX depreciation is supportive for TRY FX”.
“According to the pro-government Yenisafak newspaper the recent underperformance of TRY FX may have been acute enough to prompt an agreement between President Erdogan, Deputy PM Ali Babacan and a team of economic policymakers (including some of the MPC members) on the direction of monetary policy”.
“This would involve keeping monetary policy and TRY liquidity provisioning tight until the FOMC decision on 18th March and the Fitch decision on 20th March”.
“If taken at face value, this development should offer TRY FX some relief in the coming weeks. We remain neutral”.
Key Quotes
“Signals that the political focus isswitching away from monetary easing and towards containing FX depreciation is supportive for TRY FX”.
“According to the pro-government Yenisafak newspaper the recent underperformance of TRY FX may have been acute enough to prompt an agreement between President Erdogan, Deputy PM Ali Babacan and a team of economic policymakers (including some of the MPC members) on the direction of monetary policy”.
“This would involve keeping monetary policy and TRY liquidity provisioning tight until the FOMC decision on 18th March and the Fitch decision on 20th March”.
“If taken at face value, this development should offer TRY FX some relief in the coming weeks. We remain neutral”.