Today’s Dollar Exchange Rate: Dollar-Euro Prices as of July 2, 2024

How Did the Dollar and Euro Start the Day Against the Turkish Lira? Current Situation in the Interbank Market

The USD/TRY started the day with a rise, trading at 32.6910. The EUR/TRY saw a 0.1% increase, trading at 32.11, while the GBP/TRY was sold just below the previous closing at 41.2630.

The dollar index is currently at 105.9, up 0.1% from the previous close.

Analysts note that today’s focus is on statements from Federal Reserve Chairman Jerome Powell and European Central Bank President Christine Lagarde, which could have significant effects on asset prices.

According to data released yesterday in the United States, the Institute for Supply Management’s Purchasing Managers’ Index (PMI) for manufacturing fell to 48.5 in June, below market expectations.

Analysts emphasize that the slowdown in economic activity is crucial for inflation to reach expected levels, and signs of cooling in the labor market could expand the Fed’s policy scope.

In the pricing of financial markets, there is a 71% probability of a Fed interest rate cut in September and a 95% probability in November. The possibility of a second rate cut at the December meeting is priced at 80%.

Analysts indicate that the domestic data agenda is calm today, with attention focused on Eurozone inflation and unemployment figures, as well as the JOLTS job openings data in the United States. Technically, analysts highlight 106 and 107 as resistance levels and 105 and 104 as support levels for the dollar index.

Source: NTV / Prepared by Irem Yildiz

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