Exchange Rates Don’t Get Enough
Exchange rates don’t get enough! While the dollar / TL exchange rate is again at the level of 7.70, the euro is hovering above the level of 9.20.
The dollar / TL rate, which recorded another record with the level of 7.8670 last week, fell to 7.6240 levels later in the week, but this decline did not last long. USD / TL exchange rate started the day again at the level of 7.70 today. The dollar / TL rate, which reached the level of 7.79 yesterday, surpassed the level of 7.80 later in the day and broke another record with 7.8685 at the last hour of the day.
Euro / TL 9,2475, £ / TL 10,1527 and Swiss franc 8,58, also surpassed the records recorded last week.
With the announcement of the US President Donald Trump’s coronavirus in the past days, the markets were mobilized and the concern spread to the whole market. The markets, which were hoped after Trump was released from the hospital where he was staying, were surprised by Trump’s announcement about the stimulus package.
Stressing that they made a generous offer with a $ 1.6 billion package in response to the market’s request for $ 2.4 billion, Trump ordered to stop the stimulus package negotiations on the grounds that the parliament did not negotiate in good faith. Trump’s words paved the way for the dollar, which fell during the day, to close the day positively, and the indices also fell, but today, after yesterday’s reaction in the first half, while the dollar was negative, the indexes also rose slightly. While the currencies of the developing countries are getting stronger against the dollar this morning, only TL remains weak by diverging negatively from them.
On the other hand, the announcement that the S-400 defense system will be tested and NATO’s announcement that this system cannot be used in parallel with the union ignited geopolitical risks. TL, which has been negatively differentiated from all other assets lately, remains the most losing asset of the markets today.