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US-Turkish Relations Could Deteriorate as Erdogan Considers Fresh Incursion into Syria

TURKEY
  • Erdogan is due to make two appearances today, at 2pm and 4pm local time (1200BST/0700ET and 1400BST/0900ET) and will be watched for any commentary surrounding a potential fresh military incursion into Syria after Erdogan met with top military officials yesterday. The incursion could worsen US-Turkish relations going forward, with the US backing Kurdish forces in the area.
  • Turkish-Greek relations have also deteriorated, with the Turkish foreign minister warning Greece against exceeding limits on military presence in the Aegean Sea. Cavusoglu told Hurriyet that “we are extremely serious, we are not bluffing”.
  • A recent survey carried out by Hurriyet shows that gold remains the favoured investment for Turks, although the proportion favouring precious metals has slipped to 43% from 57% last year. More troubling for government is the increased favour of foreign currencies, with 24% preferring FX investments relative to just 8% one year ago.
  • After the close today, Moody’s are due to update their sovereign rating view on Turkey, which currently sits at B2 after being downgraded from B1 in September 2020.

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