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Turkey Market Snapshot: USD Bonds Shine, TRY an Unlikely EM Outperformer

TURKEY
  • Turkey USD bonds gaining some ground today with yields lower across the breadth of the curve and bull flattening
    • 7Y -5bp, 10Y -8.2bp, 15Y -6.1bp
  • TRY seen diverging from its EM peers as a surprising EM outperformer since the start of July as dovish sentiment strips out of the currency following June's upside CPI print
  • USD/TRY Implied vol also continues to slide on a 1w & 1m basis, trading around 6-month lows and bolstering vol-adjusted carry
  • Bist100 index found support at 1,350 in yesterday's session and closed near the top end of the downward trendline established on the 14th of June.
    • A consolidated move through 1,380 would break this trendline.
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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