We expect ISE 30 Index futures to open in the negative territory as the announcements by IMF that talks on Turkish loan program no longer taking place will bring sellers into the market. Although market participants in general has recently revisited their IMF call and so mostly eliminated an IMF possibility we still believe that investors will gradually react to the news as the IMF anchor which had been seen as an important bolstering parmaeter for the country’s growth trajectory will be absent for the months ahead. We expect to see local sellers being active early in the morning, which may drag down April contracts to initial support level at 64.4000. It would not be surprising to see April contracts dropping below that level should the foreign indices also remain under selling pressure during the day. The most
Despite the interruption of standby deal talks with IMF reports, TRY opened steady on Wednesday. With IMF reports and falling EUR/USD below 1,3550, USD/TRY rised up to 1,5429 duruing the morning trading hours. Before US open as EUR/USD rised over 1,36, USD/TRY dropped below 1,54. After US open USD/TRY dropped down to 1,5347 on recovering global markets and closed the day at 1,5352.
