USD / TL fell 10 percent in four days While the sharp decline in the dollar exchange rate continued, the exchange rate, which decreased to 7.6750 yesterday, made the TL appreciate by 10 percent in four days. The CDS went below 400. On the morning of November 13, the dollar / TL is trading at 7.71. Markets expect an interest rate increase of around 500 bp at the Central Bank's November 19 MPC meeting. Among the data to be monitored today are industrial production and the CBRT expectation survey.
Dollar / TL continues its decline that started with the positive wind that started with the change of economic management at the weekend. The exchange rate, which reached its historical peak at 8.58 on Friday, was reduced to 8 after Naci Ağbal became the head of the CBRT, Berak Albayrak resigned from the ministry and the BRSA extended the swap limits.
In addition to the clear support given by President Erdogan to the new administration, the withdrawal in the exchange rate accelerated with his announcement that a new era is entering in which they will decrease the risk premium in the economy and with his market-friendly messages.
Dollar / TL decreased to 7.6750 as of yesterday. Euro / TL which saw 10.20 reached the level of 9.06. Thus, TL appreciated by nearly 10 percent in the last four days, returning to the level before the CBRT's October MPC decision. Turkey's risk premium (CDS) fell below the 400 level.
On November 13, the last trading day of the week, the dollar rate is at 7.71 with a limited increase. Gram gold price declined to 466 TL with the decrease in ounce.
In the market, eyes focused on the Central Bank's meeting to be held on November 19. Analysts point out that after the announcements, a policy rate increase of around 500 bp has been priced, and draws attention to the importance of removing regulations such as the asset ratio that put pressure on deposit rates in the upcoming period.
Industrial production, CBRT expectation survey and retail sales statistics stand out on the data agenda to be announced today. Abroad, 3-quarter growth data in the EU, inflation and speeches of FOMC members in the USA will be watched.
US Federal Reserve (Fed) Chairman Jerome Powell said yesterday that the increase in Kovid-19 cases poses a risk to economic recovery, "While the virus spreads, the next few months may be challenging." found the evaluation.
Being cautious about developments in vaccine studies for Kovid-19, Powell said it is "too early" to assess the consequences of the vaccine progress.
Powell pointed out that the increase in Covid-19 cases may weaken the economic recovery recorded recently, "We see that the economy is moving towards a solid recovery, but here the main risk is the further spread of the disease in the United States." used expressions.