- Analytics
- News and Tools
- Market News
- USD/TRY sits at weekly highs above 13.60 ahead of CBRT's inflation report
USD/TRY sits at weekly highs above 13.60 ahead of CBRT's inflation report
Heading into the quarterly inflation report due to be published by the Turkish central bank (CBRT) this Thursday at 1100 GMT, USD/TRY is extending the previous advance.
At the time of writing, the pair is posting small gains, sitting at the highest levels in a week above 13.60.
The unabated strength in the US dollar is mainly behind USD/TRY’s renewed upside, as bulls continue to cheer the hawkish Fed rhetoric. Fed Chair Jerome Powell hinted at faster rate hikes and balance-sheet reduction this year.
Meanwhile, Turkish central bank Governor Şahap Kavcıoğlu said on Thursday that the forex-protected lira deposit levels are around expected levels.
Additional quotes
“Will see an acceleration in these accounts.”
“Turks need to support de-dollarisation.”
Governor Kavcioglu’s remarks during Thursday’s press conference keep the lira under pressure.
All eyes now remain on Turkey’s first quarterly inflation report, with the country’s consumer inflation at over 36% in December, the highest rate during President Tayyip Erdogan’s 19-year rule.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
