Dollar/TRY trading at 29.05

The dollar/TRY, which moved horizontally yesterday, finished the day at 28.9958, just below its previous close.

The dollar/TRY started the new day with an upward trend and is trading at 29.0500 as of 09:30, up 0.2 percent. At the same time, the euro/TRY is being sold at 31.3720 with a 0.1 percent increase, and the sterling/TRY is at 36.4720, just above its previous close.

The dollar index, which finished the day yesterday at 103.9 with a 0.2 percent decrease, is currently at 103.8, just below its previous close.

Analysts stated that signals from macroeconomic data in the US indicate that inflation continues to slow down, and noted that the year's final interest rate decision to be announced by the US Federal Reserve (Fed) today and the statements to be made by Fed Chair Jerome Powell after the meeting have become the focus of investors.

The Consumer Price Index announced in the US yesterday rose by 0.1 percent on a monthly basis, contrary to market expectations of no change, while it rose by 3.1 percent on an annual basis, in line with expectations. Annual inflation, which continues to slow down, recorded its lowest level in 5 months.

Before the interest rate decision, pricing in money markets shows a 45 percent probability that the Fed will start interest rate cuts in March and a 75 percent probability that it will start in May.

Analysts stated that it is considered certain that the Fed will keep the policy rate constant in the 5.25-5.50 percent range at its third consecutive and final meeting of the year, and that clues regarding the Bank's future monetary policy will be sought in Fed Chair Jerome Powell's forward guidance.

Analysts, who reported that retail sales domestically, and industrial production and Gross Domestic Product (GDP) in the UK, industrial production in the Eurozone, the Fed's interest rate decision and Powell's statements in the US, as well as Producer Price Index data will be followed abroad today, noted that technically, the 103 and 102 point levels are support, and 105 and 106 points are resistance for the dollar index.

News Source: 12punto