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Bearish Extension


USDCHF Hovering Below Notable Resistance Area


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  • US Secretary of State Blinken took a thinly veiled swipe at Turkey yesterday, criticising countries attempting to redraw sea boundaries.
    • Said "no country has the right to contravene international law and undermine stability and security by doing so."
  • In his late night interview, Erdogan fell short of mentioning the CBRT which came as a relief to markets, but instead highlighted a possible meeting with Taliban leaders to discuss the situation in Afghanistan.
    • Says the Taliban cannot be allowed to take control of the country or we will not be able to establish peace. Also notes that border walls with Iran & Iraq are being raised to limite illegal crossings
  • Columnist for Korkusuz newspaper says Turkey's state-run statistics agency (TUIK) is manipulating inflation data to help hide price increases -following an interview with a high level internal source.
    • Says when high inflationary data is received it is either delayed or altered by the regional office. Officials who refuse to report the adjusted data are removed from the positions by presidential decree.
    • Official says PPI data ins now being targeted, but is problematic as some companies report this data themselves. Independent research group ENAGrup estimated July inflation at 4.89% m/m & 25.1% y/y