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CBRT (TRY) rate decision 1200 BST

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For those stuck inside today -CBRT set to cut rates by at least 200bps. Reuters consensus has been creeping lower, was 22%, now showing 21.5% - so now inching towards a 2.5% cut. Some LPs suggesting  closer to 350bps* this morning.

Central bank governor recently resigned after failing to subscribe to President Erdogan's view that cutting rates will reduce inflation. Reaction to this was fairly muted - might give them a bit more scope to cut further.

Vol highly likely - one to be careful with. Should be interesting either way.

TRY.png

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