Czech GDP, Turkish inflation and lira, Russian ruble

Czech Q2 GDP figures released on Friday support our view that Central Europe will recover more quickly from the coronavirus crisis than most other EM regions. Elsewhere, the Turkish central bank’s latest Inflation Report put the nail in the coffin for further monetary easing and, if recent falls in the lira intensify, policymakers may be forced to hike interest rates. The Russian ruble has fallen even further than the lira this week on the back of the threat of further US sanctions.

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