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USD Bonds Continue to Trump Locals Ahead of today's CBRT

TURKEY
  • Local & USD rates unch this morning having firmed somewhat in yesterday's session.
  • USD rates continued to outperform locals, with gains (-10-13bp) concentrated in the front-belly of the curve.
  • W/w the USD curve trades bull steeper with the 1-7Y portion of the curve -20-28bp lower.
  • Locals continue to see weakness in short-duration (3m-2Y) with the curve pivoting around the 3Y tenor w/w and bear flattening.

Data/Events:

  • 1200BST CBRT decision
  • 1230BST Gross FX reserves
  • FM Cavusoglu to meet German FM Maas in Berlin
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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