With the recovering global outlook and the ease in recent local political tension, Turkish markets are primed to price in the fall in energy markets. We expect no negative surprise in EU process and domestic political arena is likely to remain quiet till 1Q2007. Macro outlook- fiscal performance, growth and inflation- looks favorable. As far as the downturn in oil and commodities is sustained, we look for TRY/USD to rally 1.39- 1.41 area till Jan