The Latest Updates on Dollar and Euro Exchange Rates Against the Turkish Lira and Market Insights
The dollar exchange rate started the new week with a flat trend, trading at 32.40 on June 10, 2024. Euro/TL is trading at 34.85, while GBP/TL is trading at 41.1550 with a 0.3% decrease.
Global markets began the week with a negative trend following the European Parliament election results over the weekend, amid the U.S. non-farm payroll data surpassing expectations. Investors are now focused on the interest rate decisions of the Federal Reserve (Fed) and the Bank of Japan (BoJ).
Expectations of the Fed making only one interest rate cut this year gained strength after Friday’s non-farm payroll data, with the bank expected to keep its policy rate unchanged on Wednesday. Analysts suggest that the Fed’s policy statement and comments from Chairman Jerome Powell could significantly impact market direction.
Following these developments, expectations of the Fed’s first interest rate cut in September slightly declined, while the euro/dollar pair started the week at 1.0750 with a 0.5% decrease. Analysts note that the election outcomes in France have dampened risk appetite in the Eurozone.
Today, domestic data on industrial production, balance of payments, and unemployment rate will be monitored, while Eurozone’s sentix investor confidence index data is also awaited. From a technical perspective, analysts highlight 106 and 107 levels as resistance and 105 and 104 levels as support for the dollar index.
Source: NTV / Prepared by Irem Yildiz