Currency news

USD/TRY Reaches Year High Over 18.30 By Investing.com

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© Reuters.

Investing.com – Over 18.30. The exchange rate rose to 18.3142 in the previous minutes, reaching the highest level in 2022.

In the exchange rate, which saw a historic peak of 18.36 on December 20, volatility due to central bank decisions is expected to be high this week.

While the members that will be announced on Wednesday are expected to increase, the markets are not ignoring the possibility of 100 basis points. Highs are seen in recent years as the Fed is expected to raise the policy rate to its level this year.

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On the CBRT’s side, the main expectation for Thursday’s meeting is to hold steady, while the possibility of a 50 basis point cut is also taken into account.

The strengthening of the dollar in global markets and the devaluation of the Turkish lira due to the pressure of the dollar and the effect of the low interest rate policy leads to the emergence of peak levels in the exchange rate.

The dollar, which started the year as early as 13.30, is up 36% this year.

Author: Necdet Ergsoy

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