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TURKEY: USD/TRY Trades at Fresh Record High

TURKEY
  • USD/TRY trades moderately higher today (+0.10%) and at a fresh record high after the pair’s sharp rally yesterday. Higher US yields and the associated recovery in the greenback from this week’s lows aided the move higher yesterday, with those factors also hampering most other major emerging market currencies.
  • Although FX loan growth has started to slow down amid central bank limits, the monthly growth rate in the first 12 days of June was still at 3.6%, according to Ekonomi. The FX loan balance, which exceeded $151bn as of June 12, continues to be at its highest level in 2 years.
  • There are no major data releases scheduled for today, with domestic focus shifting to the CBRT rate decision next week.

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