President Erdogan Just Short of 50% Needed; Progress in US Debt Ceiling Talks; Japanese Yen Weakens
In the Turkish Presidential election, with over 90% of the votes counted, President Erdogan seems to have confounded opinion polls showing him trailing his challenger. The latest data shows Erdogan has won just less than 50% of the vote. If this is maintained as a final tally, the two leading candidates will go to a runoff election on 28, in line with its long-term trend, as the President struggles for credibility on monetary policy.
, although there is perceived to be progress on talks regarding the debt ceiling, which is tempering the worry. In the Forex market, the US Dollar has done little since this week opened in Asia. Action has been dominated so far by weakness in the Japanese Yen, with So far today we are seeing greatest strength in the New Zealand Dollar and the greatest weakness in the Japanese Yen. The long-term bearish trend in the US Dollar remains valid although the strength of last week’s retracement suggests it is likely to persist for a while.
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