The dollar rose to the level of 8.77

On the first trading day of the week, when no important domestic data comes to the fore, the statements of the heads of Central Banks abroad will be followed.

Rising all week dollar/TLstep by step approaching all-time highs. Rising for the 6th day in a row, the dollar/TL is appreciated at the level of 8.77-8.78 this morning. Euro/TL is traded above 10.41.

With the opening of the markets, the exchange rates eased a bit, while the dollar/TS is around 8.75 and the euro/TL is just below 10.40.

US DOLLAR IS STRENGTHENING

The dollar hovered near a recent high against similar currencies after the Fed signaled last week that it would surprise interest rates and end its bond-buying program earlier than expected. The dollar index is at 92,232 today, after rising close to 2 percent last week, recording its highest weekly gain since March 2020. The euro traded at $1.1872 after hitting the lowest level in the last 2.5 months at $1.1847 on Friday.

WHAT HAPPENED IN THE MARKETS LAST WEEK, WHAT DECISIONS HAS THE FED MADE?

While the development that caused the fluctuations in the exchange rates was the Fed’s signal on Wednesday that the comprehensive changes in monetary policy might take place earlier than expected, the Fed pulled the date of the first interest rate hike from 2024 to 2023, according to published forecasts. Of the 18 policy makers, 13 predicted an “increase” in interest rates in 2023, and 11 predicted two 25 basis point rate hikes in 2023.

While the Fed decision lowered risky asset prices, the yen kept its strength from safe-haven currencies. Against the dollar, the yen rose to 110,185 yen from 110,825, the lowest level in the last 2.5 months, seen on Thursday.

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