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Current Account Widens in May; Turkey Agrees to Back Sweden NATO Bid

TURKEY
  • Turkey’s current account deficit widened more than expected to $7.93b (Est: -$7.40b) in May from a revised -$5.422b in April, according to data released by the Central Bank of Turkey. The widening deficit was driven by a goods deficit of $10.48b, however, services recorded a $3.86b surplus, driven by travel which had a net inflow of $3.05b.
  • Turkey yesterday agreed to support Sweden’s NATO bid in a breakthrough for the military alliance’s push to strengthen its defenses. Turkey’s USD bonds have rallied following the news, with the yield curve sitting 10-25bps lower and steeper, though still within recent ranges. USDTRY is little changed on the day while the Borsa Istanbul Index trades 0.85% in the green – slightly outperforming that of its European peers.
  • US President Biden will meet with Turkish President Erdogan later Tuesday, when the two will likely discuss Turkey’s request to purchase F-16s.
  • Ekonomi report that there was a decrease in exports in 15 of the 27 sub-sectors of the economy. Exporters want to make up for their losses in 2H, but the increase in labour costs, the recession, exchange-rate uncertainty and a cooling economy put the plans at risk, the newspaper write.
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