The dollar purchased for 18.2150 lire at the Grand Bazaar in Istanbul is sold for 18.2170 lire and the 18.16 lire euro is sold for 18.1620 lire. At the last closing, the dollar was sold at 18.20 lire and the euro at 18.11 lire. After the Central Bank cut the interest rate from 14 percent to 13 percent, the dollar exceeded the 18 lire level for the first time since December 2021 and soon passed the 18.10 mark.
In the free market in Istanbul, the dollar started the day at 18.2170 lire and the euro at 18.1620 lire.
The dollar bought at 18.2150 lire on the free market is sold for 18.2170 lire. The selling price of the Euro, purchased from Lire 18,1600, was determined in Lire 18.1620. The dollar / TL rate, which started to rise in September 2021, hit an all-time high of 18.36 on December 20.
Yesterday (1 September) the selling price of the dollar was 18.2080 lire and the euro was 18.1130 lire.
GLOBAL MARKETS AWAITING OCCUPATIONAL DATA FROM US
As global markets took a mixed course with manufacturing industry data announced around the world and new closures in China that bolstered recession expectations, eyes were turned to the data in the US employment report. which will be announced today.
The actions to be taken by central banks between the inflation dilemma and recession continue to be the main factor determining pricing. As statements released by authorities in recent weeks raise the possibility that both the US Federal Reserve (Fed) and the European Central Bank (ECB) will raise interest rates by 75 basis points in their meetings this month, this situation provokes the question. than the dollar to stay alive.
With these developments, the dollar index hit the 110 mark yesterday, testing its highest level since June 2002, while the US 10-year bond yield reached a 10-week high of 3.30 percent. , with the increase in outflows from the bond market. Although there was a sharp drop on the commodity side due to recession concerns, the price of silver fell to its lowest level in about 2 years and the price of copper and zinc in a month. The price per barrel of Brent crude oil, on the other hand, stabilized today at 93.7 dollars, after falling 11 percent in three trading days and falling to 91.6 dollars.
The Manufacturing Industry Purchasing Managers Index (PMI), announced yesterday in Europe, showed that the economic slowdown in the region has deepened. Those figures fell to the lowest level of the last 2 years in the Eurozone with 49.6, and in Germany with 49.1, the lowest level in 26 months. While developments regarding the energy crisis are being monitored closely, Russia has stated that it will not sell oil to countries that charge maximum prices. With these developments, the DAX 40 index in Germany fell by 1.60% and the FTSE 100 index in the UK fell by 1.86%, while the CAC 40 index in France remained flat.
On the Asian side, the shift in the number of new coronavirus (Covid-19) cases in China from coastal regions to major production centers for the economy increases concerns. The tightening of measures in Shenzhen and the quarantine of the province of Chengdu, as part of the zero-case policy in the country, signal that the country’s economy, which is already showing signs of slowing, will move further away from its growth targets.
The data to follow today on the markets are the following:
• 12.00 Euro Zone, PPI for July
• 14.30 Turkey, weekly monetary and banking statistics
• 14.30 Turkey, FX position of non-financial companies in June
• 3.30pm USA, August nonfarm employment and unemployment rate
• 17.00 US durable goods orders for July
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