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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
TURKEY
- Selling pressure on the TRY remains elevated amid surging political divergence (between Turkey and the West – NATO) and dovish CBRT.
- The central bank is meeting on May 26 and is expected to maintain its 1W depo rate steady at 14% despite de-anchoring inflation expectations.
- CBRT recently reviewed its year-end inflation forecast to the upside to 58% (from 46% previously).
- Sovereign risk has also been rising this month, with the 5Y CDS currently standing at 731bps.
- The CRBT has been protecting the exchange rate at around 16 (used 1.5bn USD net reserves on May 20th to protect the ceiling); however, the strong selling forces finally led to a breakout above the 16 level in today’s trading session.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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