TURKEY: Parliament to Discuss Decision on Regional State of Emergency
Feb-08 08:44
- Bloomberg report that President Erdogan still intends on holding the country’s general elections on May 14 despite the devastating impact of the earthquake that has killed thousands in the central southern area of Turkey.
- Yesterday, the President declared a state of emergency in 10 regions affected by this week's earthquakes. A Turkish constitutional law professor told NYT: "The state of emergency allows the president to proportionally limit fundamental rights and freedoms,” which has raised concerns ahead of the elections. Today at 1100 GMT/1400 local time, Parliament will meet to discuss the decision.
- Turkey’s stock exchange suspended trading of equities, futures and options early this morning for the first time in 24 years following a deep selloff, Bloomberg report. The benchmark Borsa Istanbul 100 Index is headed for its worst weekly performance since 2008 global financial crisis and it is not immediately clear when trading will resume. YTD performance sees the index sitting ~24% lower.
- Speaking to local newspaper Ekonomi, Minister Varank said, "We can see that there is no destruction that will harm production, both in the organized industrial zones and in the production facilities outside the organized industrial zones."
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Historical bullets
USDCAD TECHS: Bear Leg Extends
Jan-09 08:20
- RES 4: 1.3751 High Nov 4
- RES 3: 1.3705 Dec 16 and the bull trigger
- RES 2: 1.3665 High Jan 6
- RES 1: 1.3535 50-day EMA
- PRICE: 1.3391 @ 08:19 GMT Jan 9
- SUP 1: 1.3385 Low Dec 5 and a key near-term support
- SUP 2: 1.3317 Low Nov 24 / 25
- SUP 3: 1.3226 Low Nov 15 and bear trigger
- SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
USDCAD finished the week on a distinctly bearish note and the pair is trading lower today. The move lower has exposed key support at the 1.3385 level - the Dec 5 low. A clear break of this level would strengthen bearish conditions and open 1.3317, the Nov 24 / 25 low. The bear trigger lies at 1.3226, the Nov 15 low. On the upside, key resistance is far-off at 1.3705, the Dec 16 high. Initial firm resistance is seen at 1.3535, the 50-day EMA.
EUR: EURUSD test the 1.0700 area
Jan-09 08:18
- Worth keeping an eye on the EURUSD, looking to test 1.0700, but more importantly the 1.0735 area, which was the December high, and highest print since 9th June.
- Further upside continuation, past the latter, would open back to 1.0787 High May 30 and a key resistance.
EFSF ISSUANCE: Dual tranche syndication: 3/10-year: Books open
Jan-09 08:06
- Maturity: 17 August 2026 | 16 February 2033
- Settlement: 16 January 2023 (T+5)
- Guidance: MS-22bps area | MS+8bps area
- ISINs: EU000A2SCAF5 | EU000A2SCAG3
- Bookrunners: GSBE / JPM (DM/B&D) / UniCredit
- Timing: Books open, today's business
From market source
