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Corrective Pullback Extends


(M2) Downtrend Intact


Corrective Cycle Still In Play


(M2) Trend Needle Points South


Holding Above Recent Lows

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  • Local & USD rates remain Unch this morning, having closed mixed for another consecutive session.
  • TurkGBs were better bid with yields falling -15-88bp across the curve with gains concentrated in 5 & 10Y tenors (-88bp & -52bp).
  • By contrast, USD bonds slipped into the red – aligning more closely with the weakening trend across EM rates with yields up +9-12bp on the day.
  • The focus remains on tomorrow’s CBRT – expected to deliver a pause on the easing cycle, despite remarks from Erdogan alluding to more “gradual” easing to come ahead of 2023 elections.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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