Euro/TRY exchange rate nears historic peak
Rising geopolitical risks in the Middle East and the depreciation of the dollar have led investors to turn to the euro; the euro/TRY exchange rate reached record levels during the day.
12punto
On Thursday, June 12, the euro/TRY exchange rate showed a rapid increase due to developments in global markets. In particular, escalating tensions in the Middle East and the depreciation of the dollar caused investors to turn to the euro in their search for a safe haven. Seeing the 45.30 level in the morning hours, the euro approached 46 liras during the day, breaking a historic record. As of 16:10, the euro fell from 45.85 to 45.77 with a slight decline and is currently stabilizing around 45.75.
Despite the positive results of the talks held between the US and China in London, uncertainties in global markets have not completely disappeared. In particular, the increase in geopolitical risks in the Middle East led to the dollar losing value and an increase in demand for the euro.
The euro/dollar parity also reached its highest level since April 22, rising to 1.1632 under the influence of interest rate cut expectations. This development shows that the strengthening of the euro continues not only against the TRY but also against the dollar.