Markets By TradingView

Turkish Lira Suspended Its Earnings

Turkish lira suspended its earnings. The Turkish lira, which has appreciated since the beginning of the week, remained flat.

Yazar: Eylem Özer

Yayınlanma: 24 Haziran 2021 15:09

Güncellenme: 15 Kasım 2024 02:22

Turkish Lira Suspended Its Earnings

Turkish lira suspended its earnings. The Turkish lira, which has appreciated since the beginning of the week, remained flat.

The USD/TL exchange rate, which started the week around 8.73, followed a horizontal course around 8.66 on Thursday after showing a gradual decline. Although the Turkish lira stopped its appreciation, it was recorded as the third most valuable developing country currency against the US dollar since the beginning of the week. The 10-year US Treasury bond yield was around 1.49 percent. While Turkey's 10-year benchmark bond yield decreased to 17.58 percent, the 2-year benchmark bond yield was around 18.43 percent. Turkey's credit default risk premium (CDS) stood at 380 basis points.

FED Officials Maintain Their Hawkish Attitude

Atlanta Fed Chairman Raphael Bostic stated that as a result of the faster-than-expected recovery, the US Federal Reserve expects to increase interest rates until the end of 2022, and that the decision to reduce asset purchases may be taken in the next few months. On Wednesday evening, Bostic told reporters, "Taking into account the upside surprises in the latest data, I have lowered my expectation for the first rate hike to the end of 2022. I foresee two steps in 2023." Expressing his opinion that the US economy is on the way to recovering from the effects of the pandemic, Bostic predicted 7 percent growth and 3.4 percent inflation for this year.
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