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Turkey's lira continues to attract carry traders, as the country's current account recorded a surplus in September, indicating a potential comeback for its bonds. Meanwhile, Brazil's economy has entered negative territory in Q3, with President Lula da Silva expected to abandon the zero-deficit fiscal target as the country's economy weakens. The swing in Turkey's current account from a deficit to surplus is seen as supportive of the lira, while Brazil's trade surpluses are expected to swing the current account into surplus soon. Ankara is anticipated to enact measures to cool the economy and fight inflation after the March local polls.
After the March local polls, Ankara will be free of major domestic political concerns and is expected to enact a stern program to cool the #economy & make real progress in fighting inflation What awaits #Turkey's economy as its foreign exchange woes ease https://t.co/19OlSaZjFO
It’s only a matter of time until President Luiz Inacio Lula da Silva ditches his own government’s zero-deficit fiscal target to keep spending big as Latin American’s largest economy loses steam next year https://t.co/L8qlFxBTHi
There is - understandably - frustration that Brazil's big trade surpluses haven't yet swung the current account into surplus. But that's coming. In the first 9 months of 2022, current account deficit was -$3.9 bn. In the same period in 2023, it was -$2.3 bn. Surpluses are coming. https://t.co/67p1U5xACm
#Turkey's current account recorded a surplus in September and its bonds are due for a comeback next year, indicating that Ankara’s return to economic orthodoxy may be paying off https://t.co/jaYgaUntny By @Adam_Lucente
What awaits Turkey's economy as its foreign exchange woes ease? https://t.co/QlInRflWjq by @mustfsnmz
The swing in Turkey's current account from a deficit of -$3 bn in Sep '22 to surplus of +$2 bn in Sep '23 is nearly as big as the swing from Sep '17 to Sep '18, which followed the BoP sudden stop. That swing was very bullish for Turkish Lira. This one is supportive of Lira too... https://t.co/1oS75KT6Zr
It’s only a matter of time until President Luiz Inacio Lula da Silva ditches his own government’s zero-deficit fiscal target to keep spending big as Latin American’s largest economy loses steam next year https://t.co/Gcmo8hPHRS
It’s only a matter of time until President Luiz Inacio Lula da Silva ditches his own government’s zero-deficit fiscal target to keep spending big as Latin American’s largest economy loses steam next year https://t.co/JWKS97qbfi
It’s only a matter of time until President Luiz Inacio Lula da Silva ditches his own government’s zero-deficit fiscal target to keep spending big as Latin American’s largest economy loses steam next year https://t.co/7Hufz02fi1
JUST IN - Brazil's economy, governed by socialist leader Lula da Silva, enters negative territory in Q3.
Brazil's economy enters negative territory in Q3, shows central bank data https://t.co/bHCuAaobfF https://t.co/znB2kf2Ju9
Turkey's lira lures carry traders once again https://t.co/QQFV3gX0hD https://t.co/MaGisYYoBd
Turkey's lira lures carry traders once again https://t.co/vaU9yA3DNb https://t.co/QCcCVKkC0R