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ALL EYES on USDTRY, which is for now stuck...>

TURKEY
TURKEY: ALL EYES on USDTRY, which is for now stuck in a tight range ahead of the
CBRT rate decision at 11.00GMT/06.00ET. 
*Level wise, decent initial resistance is seen at 5.9020. And support moves up
to 5.8655.
Regarding Rate survey, the bloom had a 50bps cut call last Friday, which has now
moved to 75 bps to 11.25% today. 
Range goes from unchanged at 12.00% to 150bps to 10.50%. 
- The argument calling for an unchanged rate note the re-inflation risks, and
opting for a brief pause to see whether disinflation emerges. 
-At the other side of the spectrum and calling for a 150bps cut, Bank of course
note the importance of the USDTRY as the key variable. A steady or stronger lira
could help the CBRT deliver more than is expected and surprise the market with a
earlier and more punchy cut.

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