Current Dollar Exchange Rate: Latest USD to TRY and EUR to TRY Rates on July 11, 2024

Limited Upsurge in Foreign Exchange Rates Amid Market Anticipation

Today, the focus in Turkiye’s financial markets is on the fluctuating exchange rates as investors monitor the latest developments. The USD/TRY started the day around 32.90, while the EUR/TRY found buyers at the level of 35.79.

Domestically, all eyes are on the upcoming statements by Minister of Treasury and Finance Mehmet Şimşek. He is scheduled to speak at the TÜSİAD High Consultation Council at 13:00 and later at the opening of the Turkish Banks Association General Assembly at 16:00.

Market analysts are also keenly awaiting data on the Central Bank’s foreign exchange reserves and securities movements. Bankers have indicated that the upward trend observed in the Central Bank’s foreign exchange reserves since the end of March is expected to continue. It is projected that excluding swaps, the net foreign exchange reserves increased by $6 billion last week.

Minimum Pension Increase Under Discussion

Approximately 4 million retirees are anticipating adjustments to their pensions.

Tomorrow, at 15:30, President of the Republic of Turkey Cevdet Yılmaz, Minister of Treasury and Finance Mehmet Şimşek, Minister of Labor and Social Security Vedat Işıkhan, AK Party Vice President Mustafa Elitaş, and AK Party Group Vice President Abdullah Güler will convene at the Presidential Complex in Beştepe.

According to initial reports from behind the scenes, there are considerations to raise the minimum pension from ₺10,000 to ₺12,000.

Upcoming US Inflation Data Release

Investors are eagerly awaiting the US inflation data to gauge hints on the Federal Reserve’s (Fed) future policy interest rate decisions.

Expectations suggest that inflation will decline to an annual rate of 3.1%. Last month, inflation in the US stood at 3.3%.

In his recent address to the House Financial Services Committee, Federal Reserve Chair Jerome Powell mentioned that continued robust economic data could pave the way for the central bank to lower interest rates.

Market sentiments currently price in a 75% probability that the Fed will reduce interest rates in September.

Source: NTV / Prepared by Irem Yildiz

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