Turkish Lira Is Following A Mixed Course
The Turkish lira displayed a limited negative divergence in Wednesday's transactions.
Turkish Lira is following a mixed course. With the highest daily gain in emerging market currencies, with 1.89 percent against the US dollar on Tuesday, the Turkish lira displayed a limited negative divergence in Wednesday's transactions.
While US bond yields and the dollar gained strength in global markets, along with other developing currencies, the Turkish Lira also lost value against the US dollar.
The
USD/TL exchange rate, which started the new trading day at the level of 7.61, exceeded the level of 7.66.
While the US 10-year bond yield tested 1.54 percent, the
Bloomberg Dollar Index gained 0.2 percent.
Turkey's risk premium loosened slightly compared to the beginning of the week. While the risk premium is traded at 337 basis points, the benchmark bond rate hovers around 16.37 percent.
While the Turkish lira lost around 3 percent on Monday, it gained close to 2 percent on Tuesday. In both days, the movement in the Turkish Lira diverged according to developing countries.