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Manufacturing PMI Rises to 51.5

TURKEY
  • Turkey’s manufacturing PMI rose to 51.5 from 50.9 in March. This is the highest reading since December 2021. New Orders rose to 52.8 versus 52.6 prior – the highest since August 2021.
  • The spread between buying and selling of FX has widened to between 6%-7% in the spot market, weighing on exporters’ profit, Ekonomi report. Business sector representatives have called for the gap to close as soon as possible in order to more strongly favour exporters.
  • Speakers today include President Erdogan, Kemal Kilicdaroglu and Treasury & Finance Minister Nureddin Nebati. Looking ahead this week, CPI data is the key release tomorrow morning, where prices are seen cooling to 44.10% y/y (Prior: 50.51%).

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