Today’s Dollar Exchange Rate: Dollar-Euro Prices as of July 1, 2024

Dollar to Turkish Lira, Euro to Turkish Lira Exchange Rates and Latest Updates

The dollar to Turkish lira exchange rate (USD/TRY) is currently trading at 32.66, starting the week with a decline. Meanwhile, the euro to Turkish lira (EUR/TRY) is hovering around 35.19. The pound sterling to Turkish lira (GBP/TRY) is trading at 41.3770, marking a 0.3% depreciation.

The dollar index continues its downward trend for the third consecutive trading day, currently at 105.5 with a 0.4% decrease.

Global markets are supported by growing expectations that the far-right may struggle to secure an outright majority in the French elections, boosting risk appetite. This week, investor focus remains on a dense schedule of economic data releases and crucial statements from central bank governors.

Analysts emphasize that inflation concerns continue to influence market prices worldwide. Uncertainties surrounding future actions by the Federal Reserve (Fed) are leading investors to exercise caution. Despite expectations of two interest rate cuts by the Fed this year, cautious messages from Fed officials and signals from US macroeconomic data maintain uncertainties about future Fed policies.

This week, market direction is expected to be influenced significantly by the US non-farm payroll report, providing insights into the current state of the labor market. Strong employment figures in the US are seen as complicating the Fed’s fight against inflation, as the Fed aims to prevent a significant rise in unemployment from historically low levels and maintain the supportive position of a tight labor market on inflation.

In light of these factors, analysts highlight that this week’s economic data releases, particularly the non-farm payroll report, along with Fed Chairman Jerome Powell’s statements, will remain at the forefront of investor attention.

Today, analysts also note that Purchasing Managers’ Index (PMI) data for manufacturing sectors worldwide, along with inflation figures from Germany, will be closely monitored. From a technical standpoint, analysts point out that 105 and 104 levels are support levels for the dollar index, while 106 and 107 levels are resistance levels.

Source: NTV / Prepared by Irem Yildiz

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