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Erdogan Breaks Ground on Controversial Canal Project

TURKEY
  • President Erdogan is due to be speaking at 2pm local time (1200BST) as the rise in Coronavirus cases continue to slow. This weekend saw the rise in daily cases slow to below 5,000 for the first time since November last year. The President speaks at a Turksat satellite event in Ankara before chairing an AK Party executive meeting a few hours later.
  • Over the weekend, the President formally broke ground on the $15bln Istanbul canal project, which will link the Black Sea and the Sea of Marmara, a move that will likely heighten further the tensions with local Istanbul politicians and the opposition who remain fervently opposed to the works.
  • USD/TRY is modestly lower early Monday, but the pair sits well above Friday's lows of 8.6756. Any spell of TRY strength that puts the pair below here opens 8.6038 initially ahead of the 50-dma at 8.4565. 8.80 remains solid resistance for now.

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