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TurkGBs Hold Onto Gains W/W, But Lira Remains Under Pressure

TURKEY
BulletEM BulletEmerging Markets
  • Local & USD rates are Unch this morning, having been closed for the Ataturk commemoration day yesterday.
  • USD bond yields continued to rise, however, closing +9.2-16.5bp higher with a bear flattening bias holding.
  • W/W, TurkGBs have snapped their losing spell and stand -32-95bp lower with the belly of the curve most bid. Credit default swaps have resumed their uptrend in line with lira weakness – up +13.45bp on week.

    • TurkGB Curve w/w

  • USD/TRY trades +0.47% higher this morning, having pared yesterday’s move lower on the back of selling pressure on the BBDXY. The cross has returned to the 16.00 handle with negative sentiment towards TRY assets still deeply entrenched.
  • Markets will be eyeing the opposition’s protest this weekend against the sentence handed down to CHP chair Kaftancioglu with the US embassy warning of potential police intervention.
  • Next week, the CBRT is broadly expected to keep rates on hold – amplifying concerns of unsustainable monetary policy amid higher global inflationary pressures.
  • Intraday Sup1: 15.9347, Sup2: 15.8838, Res1: 15.9815, Res2: 16.07, Res3: 16.21
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  • Local & USD rates are Unch this morning, having been closed for the Ataturk commemoration day yesterday.
  • USD bond yields continued to rise, however, closing +9.2-16.5bp higher with a bear flattening bias holding.
  • W/W, TurkGBs have snapped their losing spell and stand -32-95bp lower with the belly of the curve most bid. Credit default swaps have resumed their uptrend in line with lira weakness – up +13.45bp on week.

    • TurkGB Curve w/w

  • USD/TRY trades +0.47% higher this morning, having pared yesterday’s move lower on the back of selling pressure on the BBDXY. The cross has returned to the 16.00 handle with negative sentiment towards TRY assets still deeply entrenched.
  • Markets will be eyeing the opposition’s protest this weekend against the sentence handed down to CHP chair Kaftancioglu with the US embassy warning of potential police intervention.
  • Next week, the CBRT is broadly expected to keep rates on hold – amplifying concerns of unsustainable monetary policy amid higher global inflationary pressures.
  • Intraday Sup1: 15.9347, Sup2: 15.8838, Res1: 15.9815, Res2: 16.07, Res3: 16.21