EM CEEMEA CREDIT: TURKEY: Trade Deficit and Economic Confidence
(TURKEY; Ba3/BB-/BB-)
• Turkey's trade deficit narrowed to $6.44bln in July from a revised shortfall of $8.21bln in June, the smallest deficit of the year. Exports rose 11.0% y/y while imports rose 5.4% y/y.
• Meanwhile, Turkey's economic confidence rose to 97.914 in August from 96.310 in July, the highest for the series since March.
• The central bank publishes weekly capital flows data this afternoon. July unemployment rate figures are due tomorrow morning.
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SONIA: Large Basis Trade
Large Sonia Basis trade, helps explain the Volume at that Expiry.
- SFIM7 10k at 96.42.
SILVER TECHS: Uptrend Remains Intact
- RES 4: $41.064 - 1.764 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $40.285 - 1.618 proj of the Apr 7 - 25 - May 15 swing
- RES 2: $40.000 - Psychological round number
- RES 1: $39.655 - 1.500 proj of the Apr 7 - 25 - May 15 swing
- PRICE: $38.092 @ 08:00 BST Jul 29
- SUP 1: $37.843 - 20-day EMA
- SUP 2: $36.452 - 50-day EMA
- SUP 3: $35.285 - Low Jun 24
- SUP 4: $33.967 - Low Jun 3
Trend signals in Silver are unchanged, they remain bullish. Gains early last week reinforce current trend conditions - the metal traded above resistance at $39.132, the Jul 14 high. The break confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on $39.655 next, a Fibonacci projection. On the downside, initial support to watch lies at $37.843, the 20-day EMA.
MNI: SPAIN Q2 FLASH GDP +0.7% Q/Q, +2.8% Y/Y
- MNI: SPAIN Q2 FLASH GDP +0.7% Q/Q, +2.8% Y/Y
