Dollar / TL continues to decline strongly

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Dollar / TL continues its decline which started yesterday. The dollar / TL, which fell more than 1% yesterday from 5.67 to 5.60, continued its decline today and tested 5.5694, down 0.7%.

The Euro fell by 0.7% to 6.21 and the basket rate fell to 5.89.

This week, the US Federal Reserve’s interest rate decision will be important for the exchange rate movement. The Fed is expected to cut interest rates for the first time since 2008. Interest rate cut expectations support the Turkish Lira. Again, to be followed this week’s quarterly inflation report, the Central Bank of Turkey. The Bank is expected to lower its inflation forecast for the year-end from 14.6%.

In a note sent by Garanti Investment, 5.62 support in the exchange rate break 5.45 – 5.50, said the decline may continue. “We suggest that 5.65 – 5.70 levels can be used as intraday resistance and below 5.60 as support”.

Azimut Portföy Murat Salar told Bloomberg HT the reasons for the recent appreciation in TL “Global liquidity conditions, positive relations with the US, current account surplus, as well as the recent decline in oil brought together a significant rise in TL. We see the value gain “.

Experts note that the bond inflows also support the Lira.

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