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2 Oct 2015
USD/TRY could test 3.15 by year-end – Rabobank
FXStreet (Edinburgh) - Strategist at Rabobank Piotr Matys sees the lira losing further ground towards the 3.15 area by end of 2015.
Key Quotes
“While the ruling AKP accused the HDP for links with the PKK, whose militants conducted a series of terrorist attacks since July, it seems that such allegations failed to seriously undermine support for the HDP”.
“Unless political preferences change significantly in the coming weeks, it is reasonable to assume that the AKP will not be able to secure a majority”.
“Hence, we expect USD/TRY to end this year at 3.15 with additional pressure coming from the Fed’s monetary policy normalisation and the CBRT’s reluctance to raise rates to support the lira”.
Key Quotes
“While the ruling AKP accused the HDP for links with the PKK, whose militants conducted a series of terrorist attacks since July, it seems that such allegations failed to seriously undermine support for the HDP”.
“Unless political preferences change significantly in the coming weeks, it is reasonable to assume that the AKP will not be able to secure a majority”.
“Hence, we expect USD/TRY to end this year at 3.15 with additional pressure coming from the Fed’s monetary policy normalisation and the CBRT’s reluctance to raise rates to support the lira”.