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US Dollar continues to decline against Turkish lira after release of pastor Brunson

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Turkey cannot stop rise in dollar despite increase in interest rates

It is observed that the statements made by President Trump, regarding release of American pastor Brunson by Turkey has affected the financial markets in a positive way. Trump had said it was a big step taken by Turkey to go back to normal in relations.

After the release of Priest Brunson, the dollar/TL rate started the new week at 5.82, sticking to its downward trend for the last couple of days. The US dollar had finished the previous week over 6.10 levels. However following expectations last week that Brunson could be released and this development could affect US-Turkey relations positively the US dollar followed a downward trend.

On Friday, the two-way fluctuating rate declined to 5.8310, the lowest since 17 August and closed the week at 5.90. Today, The rate has gone down to 5.8180 with Euro/TL at 6.7440.

Regarding the issue a bank’s foreign exchange expert has commented as follows; “The decision about Brunson had entered the prices before the court, we did not see any more value gains in TL after the decision. We only saw volatilities in as the decision came in parallel with the expectations. We do not know how the Halkbank issue will be concluded yet. We have overcome a significant risk, but we may not see a rapid downward movement in USD/TL as other risks still exist. Now it will be important whether local demand will come from current levels. 5.80 and 5.95 levels are important and will be monitored”.

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