Turkey's consumer confidence eases marginally in September

Survey was carried out in cooperation with the Turkish Statistical Institute and Central Bank of the Republic of Turkey (CBRT) showed on Thursday that Turkey's consumer confidence eased marginally in September.

Turkey's consumer sentiment index fell slightly to 74.3 from 74.4 a month ago. The index had climbed to 74.4 in the month of August from 67 in July. The index hit a 6-1/2 year low of 58.52 last September but has since recovered but still indicates a pessimistic outlook.

Details of the report showed that households' financial situation expectations weakened in September, while their general economic situation expectations improved further. The number of people unemployed expectation index advanced from August and the assessment of the probability of saving deteriorated in September.

The Turkish lira is extending gains for the second consecutive session. USD/TRY was 0.14 percent lower on the day at around 10:30 GMT. Technical indicators on daily charts are bearish biased. The pair has broken below 20-day MA support at 2.9566. We see scope for more downside. Test of 2.92 levels now likely.