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ECB Schnabel Says More Hiking Ground To Cover, Turkish Lira Sinks

EMERGING MARKETS
  • The ECB remains data-dependent in its policy decision-making, but there is still more to do, Executive Board member Isabel Schnabel told Dutch paper De Tijd in an interview published Wednesday. "We have more ground to cover. It will depend on the incoming data by how much more rates will have to increase," she said.
  • Secretary of State Antony Blinken plans to visit China in the coming weeks for talks with top officials, possibly including President Xi Jinping, people familiar with the matter said, as the US looks to resume high-level communication despite continued tensions.
  • The pace of Turkish Lira depreciation has rapidly accelerated Wednesday morning, potentially signalling that policymakers are scaling back interventions to prop up the currency. USDTRY rose as much as 7% this morning, with the pair breaking through both the 22.00 and 23.00 handles.
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