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EU SUMMIT PREVIEW 2/2

TURKEY
  • Markets should have priced in watered down sanctions on hydrocarbon firms yesterday in the brief push to 7.80 in yesterday's session
  • but more aggressive measures may place upside pressure on USD/TRY & reflects asymmetrically in local rates over USD rates
  • The deterioration of EU & US-Turkey relations is rather concerning from a longer-term perspective
  • Erdogan has done himself few favours to ingratiate himself with the EU
  • Despite reiterating the desire to achieve greater integration and cooperation.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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