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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
- Local & USD rates remain unchanged this morning, having remained under pressure into the weekend following a larger than expected 200bp rate cut from the CBRT.
- W/w the local TurkGB curve stands bull steeper with 3m-1y yields -45-63bp lower, while the 7-10Y section continued rise +30-37bp on week.
- While the CBRT intimated that it might take smaller steps going forward, given limited room to ease – markets will continue to err on the dovish side as the bank continues to pursue its revisionist approach to monetary policy.
- Weaker monetary policy credibility broad concern for Turkey's economic trajectory continues to be reflected in the 5Y CDS, which rose 14.71bp last week.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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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