Turkish Lira Stabilizes as Current Account Surplus Marks a Turning Point; Global Markets Eye U.S. Inflation Data
As of August 13, 2024, the Turkish Lira (TL) remained steady in the interbank market with minor fluctuations. The Dollar/TL exchange rate experienced a slight decline of 0.11%, trading around 33.54, while the Euro/TL found buyers at 36.78.
Turkiye’s current account surplus in June reached $407 million, marking the first surplus in nine months. Excluding gold and energy, the surplus soared to $4.549 billion. Minister of Treasury and Finance Mehmet Simsek anticipates the annual current account deficit to drop below 2% of GDP by the third quarter. Additionally, Vice President Cevdet Yilmaz highlighted the positive outlook for international investments in Turkiye, with further announcements expected in the upcoming months.
On the global stage, U.S. producer prices in July rose by just 0.1%, below expectations. Investors are now focused on the upcoming U.S. consumer inflation data, with initial indicators suggesting a modest 0.2% monthly increase. The Federal Reserve’s response to this data will be closely monitored by market participants.
Source: NTV / Prepared by Irem Yildiz
