Forex - Emerging Europe Closing Summary and Highlights 9-13 July

 15:24 (GMT) 13 Jul

  [Forex Highlights]

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Emerging Europe Closing Summary and Highlights 9-13 July (0101-CJKK-C01)

Last week, most EMEA currencies suffered from the U.S. presidential administration's threat to impose tariffs on further $200bn in Chinese imports. The lira underperformed after President Tayyip Erdogan appointed his son-in-law Berat Albayrak as Treasury and Finance Minister and left both former deputy prime minister Mehmet Simsek and former finance minister Naci Agbal, who were respected by markets, out of the cabinet. Erdogan also issued a decree authorizing himself to name the CBRT Governor, deputies and MPC members while reducing their terms to four years from five and told AHaber that interest rates would drop "in the upcoming period". In addition, data showed that the current account deficit widened for the third consecutive month in May, to USD 5.89bn from USD 5.45bn in April, a worse reading than the consensus forecast of USD -5.30bn. Apart from the ruble, we expect most currencies to remain vulnerable in the coming week due to the threat of further deterioration in the U.S.-China trade relations.

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