Robust Economy To Underpin TRY Appreciation

In line with our view, the global market ructions resulting from US credit concerns have not reversed the steady positive trend of the Turkish lira. After bouncing off short-term trendline support at TRY1.3200/US$ on July 27, the unit has moved back to the upper half of a strong medium-term trend channel, at one point trading at TRY1.2614/US$ on August 8.

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