The Turkish central bank’s dovish shift yesterday spooked investors and, with a number of flashpoints ahead for the lira, we think that it’s too soon for policymakers to be signalling interest rate cuts. Elsewhere, recent comments from several members of the Czech National Bank Board provided a clear signal that a rate hike at next week’s meeting is a strong possibility. And markets already seem to be turning sour on Ukraine’s new president, Volodymyr Zelensky.
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