Crucial crossroads for Turkish politics, and financial markets | MarketTalk: What’s up today? | Swissquote

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As expected, the Bank of England (BoE) raised the rates for the 12th time yesterday, and Governor Bailey left the door open for further rate hikes.
Cable fell, and tipped a toe below the 1.25 mark, but the selloff was mostly driven by a broadly stronger US dollar.
Even though the US PPI data came in softer than expected, and US jobless claims reached the highest since October 2021 and PacWest slumped 22% after announcing that its deposits fell nearly 10% last week, and the US 2-year yield fell - all these factors normally being bearish for the dollar -, the US dollar jumped above a two-month bearish trend top.
Was yesterday’s move just a flight to safety, is it sustainable?
Looking at the EURUSD chart, it looks like the failure to clear the 1.10/1.11 offers now leads to a toppish sentiment.
In Turkey, the BIST100 rallied almost 8% yesterday, as Muhammer Ince, one of the candidates to the presidential election, withdrew from the race, a day after he denied the ‘authenticity of an alleged sex tape and claims that he took bribes to run for president and split the opposition vote’.
The move ramps up the chances for a defeat for the running President Erdogan, although Ince didn’t favour a candidate when he retreated.
Turkey votes on Sunday and the outcome of the election could mean a massive change for Turkey, and its financial place.
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