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Rising US Treasuries Puts TurkGBs On the Back Foot

TURKEY
  • Local & USD rates Unch this morning, having sold off across the board in yesterday's broadly risk-off session following robust US jobs data.
  • Upside pressure in US treasuries drove a bear steepening in the local curve (+3-6bp), while the USD curve saw more symmetrical selling pressure in the 5-15Y portion of the curve (+2.6-3.5bp).
  • Risk premia continue to drift higher following dovish remarks from Erodgan – lifting 6.39bp in yesterday's session to retest the 410 handle.
  • Interestingly, however, 1w & 1m implied vols trade slightly higher mostly subdued.
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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