Turkey: CBRT will almost certainly cut rates - TDS

Sandeep Kanihama FXStreet Contributor

Cristian Maggio, head of emerging markets strategy at TD Securities, suggests that in Turkey, the CBRT will almost certainly cut rates on 25 July.

Key Quotes

“We expect -350bps, with the repo and WACF falling by that amount.”

“We also expect the corridor to be adjusted symmetrically lower, with a slightly higher margin of flexibility around the level of the LLW rate. We also expect further quantitative easing through the loosening of RRRs and ROCs.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

EUR/USD turns negative near 1.1850

EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.