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USDTRY Gains 2% to Trade at Fresh Record High

TURKEY
  • USDTRY gained as much as 2% this morning, putting the lira at a fresh record low against the dollar. The latest move means this year’s depreciation against the dollar stands at just over 30%, making it the worst performer among major emerging-market currencies.
  • Turkey and Saudi Arabia signed a series of agreements on direct investment, the defense industry, energy and communication following talks chaired by President Erdogan and Saudi Crown Prince Mohammed Bin Salman on Monday. The meeting was a part of Erdogan’s 3-day Gulf tour, which resumes today in Qatar before his final stop in the UAE tomorrow - where he will meet with President Sheikh Mohammed bin Zayed Al Nahyan.
  • Ekonomi report that business sector representatives are becoming increasingly disappointed with the lack of credit availability. They say that credit restrictions should be eased otherwise exports and production will suffer, and company closures and employment layoffs will accelerate.
  • There are no data releases scheduled today, with attention on Thursday’s CBRT decision. See our full preview here: https://roar-assets-auto.rbl.ms/files/54711/MNICBR...

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