Dollar and Euro Rates Today: Updates on June 24, 2024

What are the latest USD to TRY and EUR to TRY exchange rates? Stay informed with the current forex market trends and developments.

Today, the USD/TRY exchange rate started the day with an increase and is currently trading at 32.90. Meanwhile, the EUR/TRY is trading at 35.36, and the GBP/TRY is at 41.5320 with a slight decrease of 0.1%.

The dollar index has decreased by 0.1% to 105.7 at the moment.

In the global markets, despite increasing expectations that the Federal Reserve (Fed) may cut interest rates twice this year, mixed signals from bank officials have led to a cautious market sentiment. This week, investors are focusing on U.S. growth data among other intensive economic indicators.

Recent data from the U.S. has been mixed, contributing to uncertainty about the Fed’s future actions and keeping risk appetite subdued in equity markets.

Analysts suggest that the U.S. growth data to be released this week could provide more clues about the Fed’s roadmap. Throughout the week, investors will closely monitor Fed officials’ statements, which are crucial for market direction.

As the week progresses, analysts anticipate that core personal consumption expenditure (PCE) price index data, a key inflation gauge for the Fed, could increase market volatility and potentially influence pricing in financial markets.

Heading into this data-intensive week, the market is pricing in a 72% probability of the Fed’s first interest rate cut in September and a 91% probability in November. The likelihood of a second rate cut by December is currently priced at 84%.

From a technical perspective, analysts highlight 105 and 106 as resistance levels for the dollar index, with 104 and 103 serving as key support levels.

Source: NTV / Prepared by Irem Yildiz

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