Dollar Price Today: September 18, 2024, Dollar-Euro Exchange Rates
As of September 18, 2024, the Turkish lira continues to show volatility against both the dollar and the euro. The dollar/TL exchange rate saw a slight rise, opening the day at 34.1120, following a 0.1% increase from yesterday’s close of 34.0808. Meanwhile, the euro/TL also witnessed a minor uptick, reaching 37.9650, alongside the British pound, which rose by 0.2% to trade at 44.9820.
Latest Exchange Rates
At 10:10 AM, the following rates were observed in the interbank market:
- Dollar/TL: 34.1120 (+0.1%)
- Euro/TL: 37.9650 (+0.2%)
- Sterling/TL: 44.9820 (+0.2%)
Dollar Index and Federal Reserve Decision
The dollar index, which measures the performance of the U.S. dollar against a basket of other currencies, stood slightly below its previous close at 100.9. All eyes are on the U.S. Federal Reserve as it is set to announce its much-anticipated interest rate decision later today.
The markets are largely expecting the Fed to reduce interest rates for the first time since 2020, with a potential 50 basis point cut. However, uncertainty remains about the size of the cut, and analysts expect further clarity from Fed Chair Jerome Powell’s post-announcement remarks.
- Fed expectations: 65% probability of a 50 basis point rate cut
- Year-end forecast: A total of 125 basis points in cuts by the end of the year
This decision will have a significant impact on asset prices and could drive further fluctuations in global exchange rates.
Key Market Drivers to Watch
Several key events and economic indicators are being closely monitored as traders and investors assess the potential movements in the forex markets:
- Eurozone inflation: Ongoing data releases from the Eurozone will provide insights into economic stability and inflation trends, influencing the euro’s performance against other currencies.
- US housing data: Housing starts and building permits data from the U.S. are expected today, which will contribute to the overall picture of economic health in the United States.
- Fed decision: The Federal Reserve’s rate decision and Jerome Powell’s statements will be the most crucial factors affecting the dollar’s value.
Analysts note that technical factors continue to play a role, with the dollar index showing key support at the 100 level and resistance at 101.
Global and Domestic Reactions
Markets across the globe are watching the developments in U.S. monetary policy closely. Any signals regarding future rate cuts or hikes could influence not only the dollar but also other currencies like the euro and the British pound.
In Turkiye, the rising dollar has broader implications, especially for importers and businesses reliant on foreign exchange. While the Turkish Central Bank has implemented several measures to stabilize the lira, global economic developments, including those driven by the Fed, remain a significant factor in determining the lira’s short-term and long-term strength.
What to Expect Moving Forward
As the day unfolds, traders will continue to monitor:
- Eurozone inflation data
- U.S. housing market indicators
- Fed’s interest rate decision and Jerome Powell’s statements
Expect continued fluctuations in the dollar and euro rates as more economic data is released and the Fed’s actions are digested by global markets. Investors should stay informed to make strategic decisions based on the evolving financial landscape.
Conclusion
With the Federal Reserve’s interest rate decision looming, the dollar and euro exchange rates are on the rise, reflecting the anticipation in global markets. As Turkiye navigates its own economic challenges, the fluctuating lira remains a focal point for both local and international investors.
Stay tuned for further updates as today’s critical economic data and policy announcements unfold.
Source: NTV / Prepared by Irem Yildiz