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Free AccessTurkish Assets Take a Knock as Bearish Sentiment Gains Momentum
- Local & USD bonds have gone offered into the weekend, with losses most acutely felt in locals.
- Belly of the local curve seeing the most selling pressure: 5-7Y tenors +21-31bp.
- USD curve also seeing selling concentrated in 3-7Y tenors: +7.5-9.1bp.
- Turkey swap rates also +55-70bp higher across the curve, bear flattening from the front end.
- USD/TRY +0.95%, trading a fraction below 8.60 having made a consolidated break of the 8.50 handle.
- Risk premia seen lifting with the 5y CDS +9bp, back above 400. 1w & 1m Implied vol also notching higher in today's session.
- Turkish stocks diverging the trend somewhat: Bist 100 +0.20%, holding marginally above 1400 support.
To read the full story
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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.