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EU Open to Constructive Dialogue Should Eastern Med Tensions Remain Low

TURKEY
  • The European Commission stated late yesterday that the EU is ready to engage in dialogue with Turkey on a number of areas of common interest if the current de-escalation of tensions in the gas-rich eastern Mediterranean is sustained. Nonetheless, the Commission reiterated that if any further provocations are forthcoming, the EU will use all options at its disposal.
  • The global finance watchdog the Financial Action Task Force could gray-list Turkey in response to the country's failure to combat money laundering and terrorist financing, according to the FT.
  • Erdogan's three-state Africa visit continues, with the President leaving Angola to head to Nigeria. He meets with Nigerian President Buhari and will hold a joint press conference. He then travels to Togo later in the week to complete the tour.
  • The Turkish central bank are expected to institute a second sizeable rate cut on Thursday, with markets expecting a cut of 50-100bps. Full MNI preview here: https://marketnews.com/mni-cbrt-preview-october-20...
  • Later today, the VP Oktay presents a draft for the 2022 budget.
  • USDTRY bulls are still firmly in charge and the pair continues to head north. The 9.20 handle has been cleared and scope is seen for a move towards 9.3803, 2.382 projection of the Sep 10 - 20 - 22 price swing. The 2.50 projection is at 9.4185. Key support is 8.8008, the former range top and Jun 2 high. Initial firm support is seen at 8.9577, the Sep 29 high and a recent breakout level.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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