Movement in foreign exchange and gold following Central Bank decision
Following the US Federal Reserve's (FED) interest rate cut decision, all eyes turned to the Central Bank of the Republic of Türkiye's (TCMB) interest rate decision. The anticipated decision was announced, and the policy rate was kept steady at 50 percent. Following this decision, there was movement in foreign exchange and gold.
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The Central Bank of the Republic of Türkiye (TCMB) has announced its highly anticipated interest rate decision for September. As expected, the TCMB kept the policy rate steady at 50 percent.
Following this decision, movement was observed in the markets. Gold and the dollar exchange rate rose after the Central Bank's interest rate decision.
There was fluctuation in gold prices following the interest rate decision. Gold, which started the day at 2,811 TL, rose to the 2,829 TL level after the interest rate announcement. Quarter gold, which was trading at 4,593 TL in the morning hours, rose to 4,692 TL following the interest rate decision. Full gold rose to 18,712 TL.
A similar movement was observed in the dollar/TL exchange rate. The dollar, which started the day at 34.11 TL, fell to an intraday low of 34.01 TL after the interest rate decision. However, the dollar/TL exchange rate may follow a volatile course depending on how the markets react to the TCMB's interest rate decision.
According to the September Market Participants Survey, the participants' year-end dollar/TL expectation fell to 37.16 in this survey period from 37.28 in the previous survey period.