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Daily outlook for TRY: UniCredit

Quotes from UniCredit Research:

-USD-TRY will be the focus ahead of the CBRT meeting tomorrow (12:00 GMT) and if history is anything to go by, we think USD-TRY may fluctuate quite widely today. Analyzing data on past trading ranges (high-low difference) for the day before CBRT meetings since 2014, we find that the daily range has averaged 0.9%.

-But, the trading range seen before contentious CBRT meetings where central bank credibility was in the spotlight (e.g. the last two meetings, and the first two meetings in January 2014), the range averaged 1.5%. From the current spot at 2.4650, this would imply a 2.4300-2.5000 range.

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