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On February 14, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, attended the Munich Security Conference and delivered a speech and answered questions at the "China Session." When asked about Chinas role in resolving regional conflicts, particularly the Ukraine issue, Wang Yi stated that Chinas position is clear: all regional hotspots should seek political solutions through dialogue and consultation, and the same applies to the Ukraine issue. However, China is not a party to the conflict, and the decision-making power is not in Chinas hands. What we can do is to promote peace talks. We have dispatched special envoys to mediate and, through various channels, emphasized to all parties that a ceasefire should be implemented as soon as possible, and that everyone should return to the negotiating table.On February 14, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, attended the Munich Security Conference, delivered a speech at the "China Session," and answered questions from the audience. Wang Yi emphasized that the erroneous remarks by Japanese leaders on the Taiwan issue exposed Japans undying ambition to invade and colonize Taiwan and the lingering specter of reviving militarism. Japan launched its invasion of China and attacked Pearl Harbor under the pretext of a so-called "crisis and existential crisis." The lessons of history are still fresh and must be heeded. If Japan does not repent, it will inevitably repeat the same mistakes. Good people should be vigilant. First and foremost, the Japanese people must be reminded not to be blinded and coerced by far-right forces and extremist ideologies again. All peace-loving countries should also warn Japan: if it chooses to go back to its old ways, it will only lead to its own destruction.Joint statement from the UK, Switzerland, France, Germany, and the Netherlands: We and our partners will use all policy tools at our disposal to continue to hold Russia accountable.Joint statement from the UK, Switzerland, France, Germany, and the Netherlands: We further express our concern that Russia has not destroyed all of its chemical weapons.The United Kingdom, Sweden, France, Germany, and the Netherlands issued a joint statement regarding the death of Alexei Navalny.

USD/TRY reestablishes its annual high on route to 17.00, notwithstanding Erdogan's expectation of future inflation moderation

Alina Haynes

Jun 06, 2022 15:25

 截屏2022-06-06 下午3.23.52.png

 

In spite of Turkish currency (TRY) traders' inflation worries and President Erdogan's efforts to appease TRY purchasers, the USD/TRY continues to trade near $16.36, the highest level since 2022. The pair's upward momentum is influenced by Friday's high Turkish inflation data for May, as well as the US dollar's comeback over the last week, not to mention expectations of the Fed's faster/more aggressive rate rises.

 

According to Reuters, "Turkish President Tayyip Erdogan stated on Sunday that inflation numbers from the month of May, when annual consumer prices soared to a 24-year high, indicate that inflation is now on the down." It is noteworthy that the May inflation rate for Turkey increased to 73.5 percent in the most recent report.

 

Reuters also reported that the lira fell by 44 percent last year and has been the poorest performer in emerging markets for several consecutive years, mostly owing to economic and monetary policy worries under the administration of President Tayyip Erdogan.

 

In contrast, the odds supporting a 0.50 percent rate hike by the Federal Reserve in September have lately increased to 75 percent from 35 percent a week earlier, which emphasizes this week's US Consumer Price Index (CPI) data and favors US dollar purchasers. In spite of this, the US Dollar Index (DXY) reversed a two-week downward trend at Friday's close, trading down 0.14 percent intraday near 102.000 as of press time.

 

US Nonfarm Payrolls (NFP) for May came in at 390K, above expectations of 325K but falling short of the upwardly revised prior readings of 428K. In addition, the unemployment rate stayed constant at 3.6% against predictions of a minor reduction to 3.5%. In addition, the US ISM Services PMI dropped to 55.9 in May, compared to the market estimate of 56.4 and the flash reading of 57.1 in April. Following the release of the statistics, Loretta Mester, president of the Federal Reserve Bank of Cleveland, stated that the Fed's only worry is inflation. The officials underlined that the likelihood of a recession has increased.

 

Wall Street benchmarks finished in the negative and US 10-year Treasury rates saw their first weekly increase in three weeks to reflect the risk-averse sentiment of the previous day. However, S&P 500 Futures increased by 0.5 percent to 4,126 and US 10-year Treasury rates fell by 1.3 basis points (bps) to 2.942 percent as per the most recent data available.

 

Amid a pre-Fed blackout for Fed officials and in anticipation of Friday's US CPI, USD/TRY traders should pay attention to risk drivers moving forward.

Technical Evaluation

A successful breach of the prior resistance line from early January, about 16.45 at the time of publication, would lead USD/TRY values toward the $17.00 mark before testing the late 2021 top at $18.36.


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