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Surveys improve, Turkey’s FX reserves rebound

The batch of survey data for November released this week improved across the region, but the data are still very weak and suggest that recessions lie in store in most countries. Elsewhere, the rebound in Turkey’s FX reserves and signs that officials are set to unlock funding from the Gulf will ease external strains and help to support the lira, but they are nothing more than a sticking plaster. We think the lira remains vulnerable to another large adjustment.

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