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Calm before the storm in Turkey? Israel passes budget

With the second round vote of Turkey's presidential election taking centre stage on Sunday, and Erdogan in pole position to win, the day of reckoning for Turkey's economy and financial markets may now just be around the corner. The recent falls in the lira look set to gather pace and broader measures of Turkey's risk premium are likely to increase. Elsewhere, the passing of the state budget by Israel's parliament this week has added to concerns about the direction of policymaking under the current coalition government. The controversial judicial reforms are back in focus and the shekel is likely to remain firmly on the back foot.

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