Unemployment Rate and Interest Rate Decision will be published today in Turkey.
In Turkey, Unemployment Rate will be announced today. There is no market consensus for unemployment rate in March however it is likely to stay quite higher than last year same month’s 10.1%. Seasonally adjusted unemployment rate in February was 12.6% and we may see some ease on that side as subsidies to support employment may generate some fruit as of March.
The Interest Rate Decision will be another release to be followed closely today in Turkey. The CBRT will hold its monetary policy council meeting, the day after the FOMC meeting. There is no market consensus regarding rate hike however the economists are divided between the idea that Bank would stop as inflation had its peak and the Bank should continue as upside risks on inflation are not over. Late liquidity window rate is currently at 12.25% and interbank rate also hit that level, suggesting that the Bank may need to create some space for itself for further tightening. There is no rate change expectation in neither marginal lending rate at 9.25% nor one week repo rate at 8.0%. Exchange rate reaction might be negative should the CBRT opt for keeping rates constant in Thursday’s meeting.
15 Jun 17 (Thu)
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