Market Talk: Turkısh Lıra, Bonds Weaker

The Turkish lira and bonds are weaker on heavy selling pressure in European bourses and the Istanbul Stock Exchange. Testing 1.5220 earlier, USD/TRY now trades at 1.5180 from 1.5090 Thursday. Meanwhile the benchmark November 16, 2011 bond ends trade at 9.

The Turkish lira and bonds are weaker on heavy selling pressure in European bourses and the Istanbul Stock Exchange. Testing 1.5220 earlier, USD/TRY now trades at 1.5180 from 1.5090 Thursday. Meanwhile the benchmark November 16, 2011 bond ends trade at 9.06% from 9.01% Thursday but it moves to 8.99% in Monday value-dated transactions. Analysts forecast TRY to trade between 1.5080 and 1.5260 and the benchmark bond to trade between 8.95% and 9.05%, in the short term.