Today’s Dollar Exchange Rate: Dollar-Euro Prices as of July 4, 2024

Latest Update on Dollar-Euro Exchange Rates – July 4, 2024

The dollar to Turkish Lira (USD/TRY) started the day with an increase, trading at 32.5830.

After moving sideways yesterday, USD/TRY closed the day slightly above the previous close at 32.5496.

As of 10:10 AM, USD/TRY is trading at 32.5830, up 0.1% from the previous close. At the same time, EUR/TRY is up 0.4% at 35.2640, and GBP/TRY is up 0.2% at 41.5470.

The dollar index is currently trading flat at 105.3.

Recent economic data from the United States indicating a slowdown in economic activity and cooling signals in the labor market have increased the likelihood of the Federal Reserve (Fed) cutting interest rates in September, which has positively impacted asset prices.

According to data released yesterday in the country, private sector employment increased by 150,000 in June, below market expectations. During the same period, annual wage growth also recorded its slowest increase since August 2021, at 4.9%.

Analysts noted that while these figures signal a cooling in inflation, the minutes from the Fed’s latest meeting, released yesterday, revealed that central bank officials are still awaiting more evidence of a slowdown in inflation. There is a division among officials on how long interest rates should remain high.

In light of these developments, market pricing for a Fed interest rate cut in September has risen to 80%, while the probability of the first interest rate cut in November has decreased to 85%. The likelihood of a second interest rate cut at the bank’s December meeting is now priced at 89%.

Analysts pointed out that the international data agenda is calm today, with attention domestically focused on real effective exchange rates and weekly money and banking statistics. From a technical perspective, support levels for the dollar index are seen at 105 and 104, with resistance levels at 106 and 107.

Source: NTV / Prepared by Irem Yildiz

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