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Turkish Assets Enjoy Some Reprieve as SA & Russia Go Offered

TURKEY
  • Turkish bonds outperforming SA & Russia today, similarly with TRY outperforming RUB & ZAR
  • Local curve trades -8bp lower in 5 & 10Y tenors, USD bonds -1.8-2.8bp lower in the belly (5-7Y tenors)
  • USD/TRY -0.85% today, with little idiosyncratic news other than US meetings RE the Kabul airport, Fitch report on corporate FX mismatches and reduction of restrictions at the start of July
  • Move also looks technical with sellers emerging at 8.80. Support seen below at 8.6927 & 8.6399
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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