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Upside CPI Surprise Forces Bear Steepening in TurkGBs

TURKEY
  • Local & USD rates unch this morning, having sold off following an upside surprise in CPI & PPI metrics at 17.53% & 42.9% respectively.
  • Local bonds were most offered, bear steepening +9-12bp in 5-10Y yields with the 7Y tenor leading the way higher.
  • USD bonds were less affected, trading mostly mixed: 2Y -2.4bp, 7Y +1.8bp, 15Y +1.3bp.

Data:

  • 1030BST: CBRT June Assessment of inflation
  • 1230BST: effective exchange rate, 60.55 prior
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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