Dollar/TRY starts the day with an increase at the 29.3770 level

Moving in a downward trend yesterday, the dollar/TRY closed the day at 29.0976, down 0.2 percent.

After starting the new day with gains, the dollar/TRY is trading at 29.3770, up 1 percent as of 10:30 AM. At the same time, the euro/TRY is being sold at 32.4580 with a 1 percent increase, and the sterling/TRY is being sold at 37.4090 with a 1 percent gain.

The dollar index, which closed the day at 101.4 with a 0.2 percent decrease yesterday, is currently at the 101.5 level, just above its previous close.

Analysts stated that the strong expectations that the US Federal Reserve (Fed) could begin interest rate cuts in March of next year continue to affect asset prices.

It is considered certain that the "hawkish" steps taken within the scope of the fight against inflation, which has been ongoing for about 2 years, will give way to interest rate cuts next year.

While it is estimated that the Fed will lead these steps on a global basis, despite the forward guidance of Fed members, March continues to stand out for the first interest rate cut in money market pricing.

Stating that the domestic data agenda is quiet today and that the Richmond manufacturing industry index data in the US will be monitored abroad, analysts expressed that technically, the 101 and 100 point levels are support, and 103 and 104 points are resistance for the dollar index.

News Source: 12punto