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USD/TRY Spikes to Highest Level This Week Following CBRT

TURKEY
  • USD/TRY spiked higher on the decision, close to its highest levels of the week though remains within broader recent price ranges.
  • Yields on USD 10Y Turkish bonds jumped 13bps while the front end of the curve trades a notable 25bps higher at 8.6089 and at their highest since June 05.
  • Little tick lower in 1W and 1M implied vols too as the CBRT confirms that macroprudential measures will be eased gradually and commits to further policy rate tightening.

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