Dollar/TL started the week with an increase: Dollar is traded at ₺31.11

Dollar/TL is traded at ₺31.1100 after starting the week with value gains.

Dollar/TL moved in an upward trend on Friday and completed the day at 31.0400 with a 0.2% increase.

After starting the new week with a gain in value, Dollar/TL was traded at 31.1100 with a 0.2% premium as of 10.20. At the same time, euro/TL was sold at 33.7406 with a 0.3% gain in value, and sterling/TL was sold at 39.4080, just above its previous closing.

The dollar index is currently at 103.9 points, with a decrease of 0.1%.

Analysts stated that the data to be announced this week in the USA may give signals about the steps the US Federal Reserve (Fed) will take in the future, and noted that the statements of bank officials have become the focus of investors.

While uncertainty continues about when the Fed will start reducing interest rates, New York Fed President John Williams stated on Friday that interest rate cuts are likely to be made at the end of the year and that he does not foresee an interest rate increase.

Stating that Fed officials will continue their verbal guidance this week, analysts stated that these guidances and the macroeconomic data to be announced may have an impact on the direction of asset prices.

On the other hand, domestic growth data will be followed closely this week. Economists participating in AA Finance’s expectation survey estimated that gross domestic product (GDP) increased by 3.97% in the 4th quarter of last year.

The average of economists’ growth expectations for the whole of 2023 was 4.40%, and the average of their growth expectations for the end of 2024 was 3.44%.

Analysts stated that the domestic data agenda is calm today, and that new housing sales in the USA and Dallas Fed manufacturing industry index data will be followed abroad. Technically, 103 and 102 points in the dollar index are support, while 105 and 106 points are resistance.

Source: Patronlardunyasi / Prepared by Irem Yildiz

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