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TRY Softens Following Post-CBRT Rally

TURKEY
  • Turkey's manufacturing confidence was 105.0 in August, according to the Central Bank of Turkey, down from 106.8 in July. Adjusted manufacturing confidence was 104.6 while capacity utilization was 76.1% (Prior: 77.1%).
  • The lira begins the session on softer footing following yesterday’s 5% rally against the dollar on the back of the higher-than-expected 750bp key rate hike by the CBRT. USDTRY is up 2.40% at typing, while the benchmark Borsa Istanbul equity index stands a more muted 0.70% higher. Our full review of the CBRT decision will be released later today.
  • President Erdogan says results of measures taken against inflation are being seen, local newspaper Yeni Safak report. “The real estate and rental markets will also reach a balance soon. Our nation will be more relieved as the exorbitant price bubble caused by greed... is deflated,” Erdogan said.
  • Foreign Minister Fidan will visit Ukraine while Trade Minister Bolat attends a G20 event in India. The Culture & Tourism Ministry will publish July tourist arrivals data at 0900BST/1100 local.
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