Dollar Prices at 33.97, Euro/TL Sees 0.2% Increase on September 2, 2024
The dollar began the week on a weaker note against the Turkish lira, trading at ₺33.97, while the euro showed a slight increase of 0.2%, reaching ₺37.61. Meanwhile, the British pound remained stable, trading just below its previous close at ₺44.7390. The slight downturn in the dollar comes as global markets cautiously await critical macroeconomic data, especially the U.S. employment report, which could significantly influence the Federal Reserve’s upcoming decisions.
Key Exchange Rates on September 2, 2024:
- USD/TRY: ₺33.97 (-0.10%)
- Euro/TL: ₺37.61 (+0.20%)
- GBP/TRY: ₺44.7390 (Stable)
Global Market Focus: U.S. Employment Data
This week, all eyes are on the U.S. employment data, which could provide crucial insights into the Federal Reserve’s monetary policy direction. The dollar index, which measures the greenback against a basket of six major currencies, slightly dipped by 0.1%, settling at 101.6 after testing 101.7 on Friday.
- Fed’s Monetary Policy: The Federal Reserve is expected to start gradually easing its tight monetary policy this month, though the extent of the actions to be taken before year-end remains uncertain.
- Market Sentiment: Analysts suggest that the signals from this week’s employment-focused reports will be pivotal in determining the Fed’s next steps. Additionally, these reports are anticipated to offer more clarity on the overall direction of the U.S. economy.
Technical Analysis: Resistance and Support Levels
In terms of technical analysis, the dollar index is approaching critical levels. Analysts have identified 102 as a key resistance level, while 101 is being closely monitored as a support level.
- Resistance Level: 102
- Support Level: 101
Turkiye’s Economic Growth in Q2 2024
Adding to the market’s considerations, the Turkish Statistical Institute (TÜİK) announced the country’s Gross Domestic Product (GDP) results for the second quarter of 2024. According to the data, the Turkish economy grew by 2.5% during this period, providing a mixed backdrop for the Turkish lira’s performance.
- Turkiye’s GDP Growth: 2.5% in Q2 2024
Global Economic Indicators
Beyond the U.S., global economic indicators are also under the spotlight. Today, investors are closely watching the Manufacturing Purchasing Managers’ Index (PMI) data from around the world, which is expected to influence the broader market sentiment and currency exchange rates.
- Global PMI Data: The PMI reports will provide valuable insights into the manufacturing sector’s health across different economies, impacting currency demand and prices.
Conclusion: Navigating Uncertain Markets
As the dollar opens the week with a slight dip and the euro gains modestly, the market’s focus remains firmly on the U.S. Federal Reserve’s next moves and upcoming economic data. Investors should monitor key resistance and support levels while staying informed about global economic trends. This week’s developments, especially the U.S. employment data, could significantly impact currency exchange rates and set the tone for the rest of September.
In this volatile environment, staying updated on both local and global economic indicators will be crucial for making informed trading decisions. As always, caution is advised as the markets navigate these uncertain waters.
Source: NTV / Prepared by Irem Yildiz