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Bank of America Revised Its Position On TL

Bank of America revised its position on TL. The bank stated that its views on the Turkish Lira are not negative.

Bank of America Revised Its Position On TL
Yazar: Eylem Özer

Yayınlanma: 9 Şubat 2021 17:01

Güncellenme: 5 Kasım 2024 15:22

Bank of America Revised Its Position On TL

Bank of America revised its position on TL. The bank stated that its views on the Turkish Lira are not negative.

Bank of America predicted that the rate hike would end as of next week and closed the short position in the Euro/TL exchange rate. The bank announced that it closed the Euro/TL short position, which it opened on November 19. Pointing out that the 4-day relative strength index of the USD / TL rate has dropped below 30 for the second time this year, Bank of America stated that this means that currency pairs have risen too much and very quickly. The agency said, “The risk of a technical reversal in the dollar and a higher-than-expected US inflation would hurt arbitrage transactions.” Bank of America's monetary policy officials in Turkey think it will not increase interest rates again after the next meeting. Bank of America analyst David Hauner said: “Our perspective towards the Turkish Lira has not turned negative, the reasons that reveal its positive performance compared to its counterparts may be included in the pricing right now. We expect the Central Bank to raise interest rates in the next meeting, but this may be the last meeting where the interest rate was raised.”
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