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CBRT Seen Cutting Key Rate in Face of Rampant Inflation

TURKEY
  • The CBRT decision takes focus Thursday, with the CBRT seen trimming the policy rate by 100bps in the face of rampant inflationary pressures. Full preview including sell-side views here: https://marketnews.com/mni-cbrt-preview-october-20...
  • Consumer confidence data crosses shortly, with weekly portfolio flow data crossing at 1230BST / 0730ET.
  • The Turkish President Erdogan returns from his three-state trip in Africa to speak from Istanbul today. He holds a press conference at 3pm local time (1300BST / 0800ET) - just an hour after the much-watched CBRT decision.
  • The Turkish opposition parties may expand their Nation Alliance group, expanding the group from the CHP and Iyi Party to include six parties in total. The proposals are under discussion, according to Cumhuriyet.
  • USDTRY bulls are still firmly in charge despite recent signs of stabilisation. The 9.20 handle has been cleared and scope is seen for a move towards 9.3803, 2.382 projection of the Sep 10 - 20 - 22 price swing. The 2.50 projection is at 9.4185. Key support is 8.8008, the former range top and Jun 2 high. Initial firm support is seen at 8.9577, the Sep 29 high and a recent breakout level.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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