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Simsek Dismisses FX Intervention Speculation, Turkey's M'fing PMI Slips

TURKEY
  • Treasury and Finance Minister Mehmet Simsek brushed away speculation that the central bank intervened in FX markets by selling its reserves to keep the lira at a certain level. He added that the Treasury and the central bank are working together to make TRY instruments more attractive.
  • Turkey's S&P Global/ICI Manufacturing PMI deteriorated to 49.0 in August from 49.9 prior. The accompanying commentary noted that "it was a familiar story for the Turkish manufacturing sector in August, with price pressures acting to restrict demand and leading to a general moderation of business conditions. Inflationary pressures did moderate somewhat in the latest survey period, but they remained elevated. The main positive element in the latest report was that firms continued to hire additional staff, although the rate of job creation was only fractional so it remains to be seen if this growth will continue should demand conditions remain subdued."
  • Later today, the Istanbul Chamber of Commerce will publish retail inflation data for Turkey's largest city at 10:00BST/12:00TRT.
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