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TURKISH LIRA: USD/TRY continues its grind higher from the lows printed in late
March, with today's price action topping out at 5.9706, just shy of yesterday's
highs at 5.9801. Reports of further political disharmony are keeping the TRY
weak today with authorities reportedly cracking down on followers of clerics
deemed responsible for the attempted coup in 2016. Additionally, Erdogan's AKP
party continue to push for a re-run of Istanbul mayoral elections after, with
the party expecting a decision on their demand as soon as next week.
-The inching higher of offshore overnight swap rates on TRY Friday has done
little to shore up the TRY Friday, which again is the worst performer in EMFX
after a dovish central bank rate decision yesterday.
-With the rate decision passing, TRY implied vols have fallen across the curve
Friday but remain at elevated levels. The central bank's inflation report due
next week is the next point of interest, as well as trade balance due on Apr30
and CPI on May3.