“The CBRT has today announced the suspension of the one-week repo auctions due to “developments in financial markets.” This is the first time since 14 September 2018 that 1w repo auctions are suspended,” noted TD Securities analysts. Key quotes “The CBRT has not disclosed why, but we believe this is entirely dictated by the strongly adverse moves of USDTRY in the past few days. TRY is -2.9% vs USD today and -5.1% since the start of March.” “We believe it is particularly alarming for the CBRT that USDTRY has continued to nudge higher despite a period of relative market calm and state-owned banks trying to keep the pair anchored.” “The move may be surprising for the market. It implies rate cuts of approx. 600bps in 2019, and 1000bps by end-2020. However, we are not surprised. We continue to forecast a 400bps increase in rates in Turkey this year, on the back of sharp lira depreciation to 8.90 by end-Q3 as we continue to hold a very bearish view on Turkey.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next 3 scenarios for Brexit and GBP/USD after Brextension Yohay Elam 4 years "The CBRT has today announced the suspension of the one-week repo auctions due to "developments in financial markets." This is the first time since 14 September 2018 that 1w repo auctions are suspended," noted TD Securities analysts. Key quotes "The CBRT has not disclosed why, but we believe this is entirely dictated by the strongly adverse moves of USDTRY in the past few days. TRY is -2.9% vs USD today and -5.1% since the start of March." "We believe it is particularly alarming for the CBRT that USDTRY has continued to nudge higher despite a period of relative market calm… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
