TRY.

Turkish trade deficit reached USD 9.1bn in April vs. expectations of 9.8bn.
The deficit is 64% higher than in April 2010.
Exports grew by 26.5% but imports surged by 40%!
With such a deficit, the TRY is likely to remain weak and we see further TRY weakness with the CBRT staying on hold.

 

HSBC Global Research