BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

New Home Sales Activity And Prices Continue To Cool

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Danske Bank Expect Significant Market Impact if Opposition Win Elections

TURKEY
  • Danske Bank remain sceptical that this is the final countdown for Erdoğan, as the most recent polls have come in his favour. But if it is, market impacts will be significant, they say.
  • The new government would most likely move to restore central bank’s independence, implying a convergence in the policy rate above 30%. This would likely bring extreme volatility in TRY short term, but in the medium term, TRY could appreciate substantially as flows reverse.
  • But while opposition win would mark a U-turn for economic policy for sure, in many ways, their ability to rule could be curtailed by AKP’s broad presence in public offices.
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