In line with the consensus, analysts at TD Securities are expecting the CBRT to hold its policy rate, the one-week repo rate, at 24%.

Key Quotes

“The announcement comes against the backdrop of still high inflation at 19.7% y/y in March (unchanged from February, but which has limited relevance for the CBRT at this juncture) and several other controversies that leave TRY prone to further weakness.”

“Amongst the two most crucial political issues with potential for inducing sharp TRY moves, we highlight the dispute around the Istanbul election result, and the diplomatic spat over the S-400 purchase.”

“We also flag market concerns over the erosion of FX reserves. All these risks suggest higher rates to ensure TRY stability and faster deceleration in CPI. However, in the absence of currency shocks, we expect CBRT to stay put for now.”

“Of particular interest may be whether the CBRT rewords its statement that "if needed, further monetary tightening will be delivered." Also, CBRT will publish Net International Reserves which according to dynamics in Net Foreign Assets should move from $28.4bn to around $27bn - any relevant downside surprise would have negative TRY effects.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD bouncing modestly on disappointing US Consumer Confidence

The shared currency remains pressured by the idea that the ECB will come out with massive stimulus measures in September. US Michigan Consumer Confidence down to 92.1 brakes dollar's gains.


GBP/USD retreats sharply after approaching 1.2200

The GBP/USD pair came under selling pressure after flirting with weekly highs, as a dismal US confidence report brought back risk-off. GBP/USD still up for the week and above the critical 1.2100 level.


USD/JPY: Greenback makes modest progress against Yen, near 106.30

The demand for Yen as a safe-haven currency has been weak in the last three days. The levels to beat for bulls are at the 106.30 and 106.55 resistances.


Gold gives back territory towards a 23.6% retracement

Gold prices were a touch lower by the end of the week, falling -0.68% having travelled between a high of $1,528.00 to a low of $1,503.87, ending the NY session around $1,513. 

Gold News

Four Signs of A Bear Market

I am a believer that the Universe gives you signs. That may sound a bit crazy, but these three charts are three more signs of a bear market. The top chart is the GLD exchange traded fund.

Read more