The Central Bank of Turkey cut the interest rates by 100 bps from 13% to 12%. The Central Bank proceeded with an interest rate cut as the inflation in August hit 80.2%.
USDTRY continues to hover at historical highs around 18.32.
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Main events this week include the Bank of Canada interest rate decision, German GfK and Ifo surveys, European S&P Global PMI’s, US PCE Price Index and US Durable Goods Orders
The Bank of Canada today held its target for the overnight rate at 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening.
At its meeting today, the RBA Board decided to leave the cash rate target unchanged at 4.35% and the interest rate paid on Exchange Settlement balances unchanged at 4.25%.
