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Immediate (albeit modest) strength in TRY....>

TURKEY
TURKEY: Immediate (albeit modest) strength in TRY going through as CBRT meet
expectations by trimming 50bps, but stop short of many forecasts of a deeper
cut. Some local banks saw rate cuts today of as much as 100bps. 
- Turkish central bank comment that they see the disinflation process as in
track with the targeted path that warrants further caution, adding that a
favourable inflation outlook remains despite TRY depreciation.
- USD/TRY now trading either side of 6.80.

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