AUDTRY BULLISH Rises further after Turkish inflation dataTurkish lira fell to new marginally lower record low in early Wednesday, as Turkish June inflation data sparked fresh weakness of the currency.
Monthly inflation rose by 3.9% in June, below 4.8% consensus and annualized figure was also below expectations (38.2% in June vs 39.4% f/c), while consumer prices were slightly below previous month’s figure (June PPI 40.4% vs May 40.7%).
Inflation remains elevated, though significantly below last October’s 85.5%, the highest in over two decades.
Turkish lira fell sharply in June (down over 20% vs US dollar, the biggest monthly fall on a record), following re-election of President Erdogan and despite CBRT’s new leadership and turn towards more orthodox approach to monetary policy, as the central bank already raised interest rates after a cycle of cutting rates last year.
Trend Bullish
