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Analysts at Danske Bank note that Turkish President Erdogan’s speech yesterday brought little news apart from calling for a consumer boycott of American products and as no news is good news for markets at the moment, USD/TRY came down to the levels of last Friday.

Key Quotes

“We still see it as too early for the Turkish crisis to be over just yet, also because Turkey remains in a financially weak position and the fundamental and diplomatic issues remain unresolved.”

“As the Turkish lira issue calmed somewhat, we also saw a reversal in the spread widening between the core EU and periphery yields yesterday.”