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- Local & USD rates trade little changed this morning, having slipped into the red once again as Erdogan continued to push his low rates, high growth policy direction.
- This weaker momentum is likely to filter through into today’s session with the front and belly of the curve most offered w/w.
- Turkey’s 5Y CDS continues to trend higher above the 500 handle with the next major resistance coming in around the 550-575 zone.