USD/TL Rate Started the Day with a Loss

USD/TL rate started the day with a loss. The USD/TL rate, which completed Tuesday at 7.47, started the new day with a slight decline. The calmness in the exchange rate continues before the CBRT decision to be announced on Thursday. Dollar/TL exchange started today's transactions with a loss after completing Tuesday at 7.4718. The exchange rate decreased by 0.40 percent at 9.55 am and traded at the level of 7.4412, while Euro/TL rate lost 0.20 percent and traded at 9.0495. The currency basket was realized at the level of 8.2470.   Relative Kick-Off Speech from Yellen The new Treasury Secretary Janet Yellen appointed by the US elected president Joe Biden made the inaugural speech. Making a statement in the Senate, Yellen said, "The USA should not aim for a weak dollar, we should prevent others from doing this. The value of the dollar should be determined in the market." The decline of the US dollar in global markets continues. The Bloomberg Dollar Spot Index (BBDXY), which measures the value of the dollar against major currencies, fell 0.26 percent to 1,120.84 points.   CBRT will Announce Interest Rate Decision on Thursday Focus of the markets turned to the first interest rate decision of 2021 which will be announced by the Central Bank of the Republic of Turkey in the meeting to be held on Thursday. According to the interest survey prepared by the Bloomberg HT Research Unit, economists predicted that the CBRT will keep the policy rate at 17 percent in the first meeting of 2021 and will not make any changes. Naci Ağbal, who took office in November, raised the policy rate by 4.75 points in the first meeting and by 2 points in the second meeting to 17 percent. The yield of two-year Treasury bonds decreased by 1 basis point to 14.8 percent in Turkey. The yield of 10-year dollar denominated Treasury bonds increased by 1 basis point to 5.82 percent. Turkey's five-year credit default swap (CDS) premium fell to 332 basis points, down 2 basis points. In Borsa Istanbul, the BIST 100 Index closed Tuesday with a 0.53 percent surplus. The index started Wednesday at 1.573 points, gaining 0.53 percent.