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TRY: USD/TRY Sharply Pares This Week’s Losses, Trading Close to Record High

TRY
  • USD/TRY has sharply pared its losses from over the past two sessions, up close to 1% on the day at typing. Higher US yields and the associated recovery in the greenback from this week’s lows will be aiding the move higher, with those factors also hampering most other major emerging market currencies.
  • Local news flow and data releases have been thin in Turkey this week owing to the Eid holidays, with domestic focus shifting to the CBRT rate decision next week.
  • Meanwhile, a new tax package is planned to be introduced to the Turkish Grand National Assembly, including a minimum tax on companies, with the government on course for tighter fiscal policy having already announced spending cuts.

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