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Domestic Markets Closed, Decline in TL Accelerated!

Domestic markets closed due to the holiday, the decline in TL accelerated. The Turkish Lira lost more than 1 percent against the US dollar.

Domestic Markets Closed, Decline in TL Accelerated!
Yazar: Elif Dinçer

Yayınlanma: 12 Mayıs 2021 20:24

Güncellenme: 6 Kasım 2024 16:21

Domestic Markets Closed, Decline in TL Accelerated!

The Turkish lira depreciated against the US dollar during the day, while the domestic markets were closed due to the holiday.

Domestic markets closed due to the holiday, the decline in TL accelerated. While the domestic markets were on holiday due to the holiday, the Turkish Lira lost more than 1 percent of its value against the US dollar. While the risk appetite was low in global markets against the optimistic inflation comments coming from the Fed, TL lost strength against the US dollar along with other emerging country currencies. The USD/TL exchange rate, which started Wednesday at 8.28, accelerated its rise after the domestic markets went on holiday due to the holiday and the exchange rate was seen above the level of 8.38. Increase in the Bloomberg Dollar Index was recorded as 0.1 percent. Turkey's risk premium was traded at the level of 401 basis points, while the benchmark bond rate was 17.94 percent.

No Worries About Inflation, According to Fed Officials

Fed members, making statements in the evening on Tuesday, reiterated their thoughts that the increase in inflation would be temporary and the monetary stimulus should continue. Stating that the American economy outlook is "bright", Fed member Lael Brainard stated that they are far from their targets as the Fed and that it is necessary to be patient in order to reach the targets. Cleveland Fed Chairman Loretta Mester noted that the outlook was bright despite the employment data coming below expectations and said, “I would like to see more strengthening in the employment market”. Atlanda Fed Chairman Raphael Bostic pointed out that it will take a long time for the economy to recover, while Philadelphia Fed Chairman Patrick Harker considered the debate to reduce asset purchases as "early".   Source: Bloomberg HT
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