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Consumer Confidence Rises to 91.1 in May; Ogan to Declare Position on Runoff

TURKEY
  • Turkey's adjusted consumer confidence rose to 91.1 in May from 87.5 in April, according to the Turkish Statistical Institute.
  • Presidential candidate Sinan Ogan, who received about 5.2% of the vote on May 14, will hold a press conference at 1500BST/1700 local time to announce his position in the second round, Bloomberg report.
  • The USD/TRY spot rate rose as much as 4.1% to breach the 20 handle for the first time ever amid thin liquidity early Monday morning, though has since quickly pared those gains. Meanwhile, 1W implied volatility has risen to around 25% from 17% on Friday evening, as the time frame now captures the second round of the Presidential elections on May 28.
  • This week the CBRT rate decision takes focus on Thursday, with most sell-side analysts expecting no change, ahead of the runoff vote between President Erdogan and Kemal Kilicdaroglu on Sunday.

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