CEEMEA OPEN: Turkey's inflation data in focus

03 OCT 06:10GMT: The DXY is firmer climbing to a 3.5-wk high of 101.883 after late yesterday, the Fed's Barkin said that 12 month core inflation won't drop much further until 2025 & added that the Fed cut rates to recalibrate to a less restrictive stance. He noted that while the 50bp cut in Sep was warranted given that interest rates were "out of sync" with the economy, he now sees a total of 50 bps in rate cuts across the remaining two Fed meetings of the year as "a reasonable path", should the economy evolve as expected. He highlighted that there remains significant uncertainty over inflation and unemployment, and that it is still too early to declare victory over inflation, given that he sees "pressures out there which work against us getting that final mile done." UST yields remain steady, while USD/CEEMEAs are firmer at the European open on Thursday. USD/TRY met resistance at the 34.24 handle ahead of Turkey's inflation data today (7GMT), which is anticipated to slow under the CBRT's policy rate to 48.18% y/y in September from 51.97% y/y prior - adding pressure to the central bank to start considering when monetary policy can be eased (read the preview here). The HUF is on the backfoot despite the NBH pledging to maintain "disciplined and tight" monetary policy to soothe investor concerns as the HUF has fallen to its weakest level in 1.5yrs, announcing green programs that won't directly influence monetary policy (via Bbg). Still to come in CEEMEA is S. African PMI (7:15GMT) & Electricity data (11GMT), NBP Glainski presser (13GMT) and in the US initial/continuing jobless claims (12:30GMT), PMI data (13:45GMT), Factory order, Durable/Cap goods & ISM Services data (14GMT).

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