Supreme Court Backs Lisa Cook, Defends Federal Reserve Independence Against Trump Firing Attempt 
Oil Prices Steady as U.S.-Iran Talks Ease Supply Fears Ahead of Holiday Weekend 
China Keeps Loan Prime Rates Unchanged for 13th Straight Month as Policymakers Prioritize Credit Demand Recovery 
RBA Minutes Signal Australia Central Bank Remains Ready to Raise Interest Rates if Inflation Persists 
Australia Trade Balance Swings to Surprise Deficit as Imports Outpace Exports in May 
South Korea Warns Won Is Undervalued, Boosts FX Coordination With Japan 
Asian Currencies Stay Under Pressure as Dollar Holds Near 13-Month High Ahead of U.S. Jobs Report 
Gold Price Today: Bullion Heads for First Weekly Gain as Weak U.S. Jobs Data Eases Rate Hike Fears 
Wall Street Ends Mixed as Weak Jobs Data Lowers Fed Rate Hike Bets, Chip Stocks Tumble 
BOJ Rate Hike Expected to Boost Yen, Impact USD/JPY and Nikkei 
Asian Stocks Slide as Chip Shares Tumble Ahead of Key U.S. Jobs Report 
Asian Currencies Rise as Dollar Weakens; Yen Holds Steady Amid Japan Intervention Watch 
The central bank of Turkey is expected not to slash interest rates this year, although there is no aim to raise rates either. CBT will delay tightening policy and will attempt to calm things down by tweaking FX liquidity measures, which will likely not work.
Unless markets calm down soon, USD-TRY could continue to spike, and this will trigger another negative spiral between exchange rate and inflation. CBT is likely to be pushed into a corner by the widening interest rate differential. It is one of the only remaining central banks around EM which is viewed by market participants as unable to hike rates because of political pressure.
The lira weakened sharply last week, with USD-TRY surpassing 3.27 at one stage on Friday.
Meanwhile, at USD-TRY of 3.25, imported inflation pass-through will escalate to faster than 10 percent by next month (via a combination of year-on-year acceleration in commodity prices and change in the lira), Commerzbank reported.
