USD/TRY: Turkish lira vulnerable to further weakness in the year ahead – MUFG By MSalordFX USDTRY Banks Turkey
“The lira has re-weakened against the US dollar over the past month undermined primarily by the negative fallout from the Ukraine conflict.”
“Higher commodity and energy prices will also exacerbate worrying inflation dynamics in Turkey. Inflation pressures were already extreme prior to the Ukraine conflict with the headline rate rising to 54.4% in February. Building upside risks to the inflation“The CBRT provided no signal that it was prepared to tighten policy in response to higher inflation, and we continue to believe that current settings remain way too loose.
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