Today’s Dollar Exchange Rate: June 7, 2024 – Latest Updates on Dollar-Euro Prices

Currency Markets Await US Employment Data Amid Fed Rate Cut Speculations

Investors are closely monitoring the dollar exchange rate today, seeking insights into the latest developments. As of June 7, 2024, the dollar started the day with a 0.3% increase, trading at 32.26 against the Turkish lira (TRY).

The euro is currently trading at ₺34.94, while the pound sterling is just below the previous closing, at ₺41.3460.

The dollar index is showing a slight 0.1% decrease, standing at 104.0 at the moment.

Global markets are navigating mixed sentiments amid growing speculations about the US Federal Reserve (Fed) initiating interest rate cuts this year. However, uncertainties persist regarding the Fed’s roadmap.

Today, all eyes are on the US employment report, which is expected to influence market sentiments and Fed’s future decisions. Analysts suggest that recent data indicating a potential cooling in the robust job market could prompt the Fed to consider rate cuts as early as September.

Market sentiments are pricing in an 81% probability of the Fed’s first rate cut in September, rising to 83% in November, and reaching 90% for a second rate cut in December.

In addition to the employment report, investors will closely monitor domestic treasury cash balances and international growth data from the Eurozone. From a technical standpoint, support levels for the dollar index are identified at 104 and 103, with resistance at 105 and 106.

Source: NTV / Prepared by Irem Yildiz

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