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Plenty Of Holidays In Play This Week

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Regional Holidays Sap Liquidity In Asia

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Tight Ranges In Holiday Session

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J.P.Morgan: Sell WNZ1 On CTD Basis

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  • Higher year-end inflation forecast likely to hamstring the CBRT in terms of space to ease without destabilising the Lira
  • Erdogan has taken his attention off the CBRT in recent weeks to focus on the East Med & Cyprus, but will undoubtedly see his attention return in the next few months
  • Sell-side estimates see inflation rising to 18-19% until September/October before moderating into year end
  • Failure to deliver cuts by year-end could also see Kavcioglu lose his job if Erdogan comes more forcefully back into the picture
  • CBRT GOVERNOR SAYS 'POLICY RATE TO BE ABOVE INFLATION'
  • all the right noises from Kavcioglu, but the market has quite a high bar in terms of delivering on the hawkish side as most know Erdogan will not let him raise further, even if inflation dynamics necessitate further tightening