USD/TL Started The Day With A New Record

USD/TL started the day with a new record. The USD/TL exchange rate broke a record by reaching the level of 9.0 yesterday.

While the US 10-year bond yield reached its peak after June, rising to 1.62, the US Dollar Index is priced at the highest level of the year and the US dollar remains strong in global markets. In Turkey, CBRT Governor Şahap Kavcıoğlu made a presentation at the Parliamentary Budget Committee and then stated that the increase in the exchange rate was not due to the interest rate cut in the question and answer section. Reminding that the signal for a rate cut was given in the last meetings, Kavcıoğlu stated that for this reason, the decision did not have a surprise effect. After Kavcıoğlu's presentation, President Recep Tayyip Erdoğan made a speech after the Cabinet Meeting and announced that there could be a cross-border operation for security in Syria. Markets reacted to both Kavcıoğlu's statements and the possibility of cross-border operation with TL sales, and the USD/TL rate exceeded the 9.0 level yesterday. In the first hours of this morning, the exchange rate broke the record level of 9.02. Thus, the exchange rate rose by 22% compared to the beginning of the year.