In the domestic money markets, April 2012 benchmark yields depreciated by 12bps on Thursday and closed at 8.31% while TRY traded sideways against USD, closing at TRY 1.510. On the domestic front, the CBRT has raised the reserve requirement ratio on FX deposits by 0.5 percentage points to 10%. It withdrew USD 720mn from the FX markets but the implications were limited. Meanwhile, the Treasury successfully borrowed USD 1bn by reissuing Eurobonds with 2021 maturities in the international markets. Focus will be on the US growth data for 2Q10 and consumer confidence today. Any negative figures may put further pressure on the already fragile global financial markets. Given the negative mood in the global financial markets, we expect the domestic money markets to lose slight ground today.