The dollar started the last day of the busy week at 33.98 TL, below 34 TL. The euro started at 37.69 TL.
Investors will be waiting for the Market Participants Survey today. The survey sheds light on the market outlook and expectations of real sector actors. The TCMB will announce the survey at 10:00.
The current account deficit was in surplus due to the shrinking foreign trade volume. The current account deficit was in surplus of $566 million in July. The seven-month deficit fell from $42 billion to $16 billion. The annualized current account deficit fell to $19 billion.
Following data on Wednesday indicating that the Fed should cut interest rates more slowly, markets started to rise again, led by technology stocks. With the increase in risk appetite, the DXY index, which measures the strength of the dollar against other currencies, fell from 101.820 to 101.080. With the increase in risk appetite, the USD/TL exchange rate fell below 34 TL as Borsa Istanbul rose.
The European Central Bank continues to be ahead of the Fed in terms of interest rate cuts. The ECB lowered its policy rate by 0.25 basis points yesterday, from 3.75 to 3.5.
Yesterday, Vice President Cevdet Yılmaz, who was a guest at the AA Editor’s Desk, said that the second half of the year will be the time when inflation will fall and its social benefits will be seen, and added, “We will start to see more of its effects, from food inflation to the prices you encounter when buying a car, to housing prices and other areas. We will see the real big benefits on a larger scale when we transition to permanent price stability.”
Today, the Market Participants Survey, which sheds light on market actors’ perspective on the economy, will be announced. Following the updated OVP last week, markets’ year-end inflation and growth expectations have begun to be awaited with curiosity.
