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Kavcioglu Speaks Following Inflation Forecast Upgrade

TURKEY
  • Relatively light in terms of overnight newsflow, although a number of local papers take note of the move in USD/TRY toward 18.00 following the CBRT’s inflation projection upgrade yesterday. Elsewhere, Dunya write that the investment outlook for gold has improved, highlighting that one ounce of gold could rise to TRY 1040/oz.
  • Trade balance data out this morning showed imports and exports rising by 39.7% and 18.7% respectively, putting the overall trade balance at a deficit of $8.167bln, broadly inline with expectations.
  • Following the CBRT’s quarterly inflation update yesterday, CBRT governor Kavcioglu is to appear at Istanbul’s Chamber of Industry meeting. The Turkish Treasury also release their funding plans for the August – October quarter at 5pm local time. Lastly, foreign minister Cavusoglu holds a joint press conference with his German counterpart.

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