USD/TRY: Little Interest To Drive the Lira From Ranges

Apart from a flurry of activity towards the end of September the Turkish market has seen very little in the way of speculative volatility since the turbulent days of June and July. With no data releases to impact this week the market is looking to the IMF visit, tomorrow, and analysis of the Turkish USD10 billion loan program. USD/TRY continues to work sideways with range parameters currently set at 1.4895-00 and 1.5235. On balance a very slight bias in favour of the Lira but direction is likely to be limited until the broader emerging market comes back to life following Monday's North American holiday.