What this week has in store for EEMEA FX – Nomura

By FXStreet FXStreet (Delhi) – Research Team at Nomura, suggests that we start the week with the Turkish current account balance for November, which came in yesetrday at -USD2.11bn, slightly below the -USD2bn mkt median.

Key Quotes

“The 12m rolling current account balance thus narrowed further to around -USD34.43bn. Assuming Q4 y-o-y results are largely in line with Q3, which seems reasonable; this would suggest a deficit worth 4.6% of GDP currently. Just for context, this has narrowed from -USD48bn 12 months ago and from the USD76.7bn deficit low in late 2011 (around 9.7% of GDP). Looking ahead, given the lead/lags between crude oil price movements and Turkey’s external balances, another USD10bn should be shaved off the deficit over the next six months.

In Poland, Thursday marks the final rate meeting before some members of the committee are replaced, and we see rates remaining unchanged and commentary likely to be fairly neutral ahead of the new MPC. Romania, Hungary and Israel will also publish their headline inflation figures for December.”
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Source:: FX Street