Turkish Capacity Utilization (Aug) 73.5% (Prev. 73.9%)

Capacity utilization is a second-tier Turkish release, but it carries weight locally as a real-time read on the output gap, which is central to how the central bank frames the restrictiveness of its stance during disinflation episodes. A modest downtick of this kind fits the pattern Turkish policymakers have historically pointed to as evidence that tight policy is cooling domestic demand, and the distinction that matters is whether softening utilization shows up alongside weakening credit and retail data or in isolation. In past Turkish tightening cycles, the sequence has run from capacity and credit slowdown through to disinflation with a lag, so this series is watched for confirmation of trend rather than as a standalone catalyst. The follow-ons are the accompanying sector breakdown, since export-facing manufacturing versus domestic-facing industry tells different stories about the lira and external demand, and the next inflation print against which the central bank calibrates. Market reaction in lira rates and the currency has tended to be muted on the print itself, with positioning around the policy meeting doing the heavier lifting.