MarketsBusinessTurkiye

Dollar Exchange Rate Today: Latest Dollar-Euro Prices as of July 9, 2024

Market Update: USD/TRY Begins Higher at 32.89, Euro and Pound Show Gains

In today’s financial markets, the dollar to lira exchange rate has started the day with an upward trend, currently trading at 32.89. Meanwhile, the euro has risen by 0.4% to reach 35.64, and the pound is up by 0.2%, trading at 41.9960.

The dollar index is currently at 105.0, showing a modest increase of 0.1%. Investors are closely watching the guidance from Federal Reserve Chairman Jerome Powell today, amidst ongoing uncertainty about the Fed’s future steps.

Following mixed signals in last week’s economic data releases in the US, analysts note cautious investor sentiment ahead of Powell’s statements today and tomorrow, as well as Thursday’s inflation figures. Economic indicators in the US suggest ongoing slowdown, yet Federal Reserve officials remain cautious about potential rate cuts.

Recent data from consumer expectations indicate a slight decrease to 3% in short-term inflation expectations for June, while consumer credit in the US exceeded expectations with a $11.3 billion increase in May, according to Federal Reserve data.

Ahead of Powell’s speech, market pricing suggests an 81% probability of a first interest rate cut in September, and a 78% chance in November. There is a strong 98% likelihood of a second rate cut at the December meeting following the initial cut.

Today’s domestic economic agenda remains calm, with analysts focusing on Powell’s guidance internationally. From a technical standpoint, resistance levels for the dollar index are seen at 106 and 107, with support levels at 104 and 103.

Source: NTV / Prepared by Irem Yildiz

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button