Dollar started the day at 6.85 TL

The atmosphere of anxiety and uncertainty continues in global markets. The increase in the number of new cases in Beijing and the USA increases concerns about a second wave of the epidemic. Following yesterday’s sold-out close in the US stock markets, US futures are also in the negative this morning. A similar situation is observed in Asian stock markets, excluding China. The move of the Central Bank of China to provide liquidity to the markets has enabled the country’s stock markets to diverge positively for today. Transactions continue to be negative in Japan, South Korea and Hong Kong.

Domestically, dollar/TL started the day just above the 6.85 level; euro/TL is traded at 7.71.

Dollar and yen rise due to safe haven perception

Dollar and yen have weakened both currencies due to concerns about the renewed increase in coronavirus cases.
It rose slightly as the safe haven demand for its currency increased. Sterling traded in a narrow band before the meeting of the Bank of England, where it is expected to increase monetary expansion.

The yen rose slightly to 106.79 against the dollar. Junichi Ishikawa, currency strategist at IG Securities, said: “The positive trend for stocks and other risky assets in the US exchanges is gradually decreasing because the number of people talking about the second wave of the coronavirus is increasing. This supports the dollar and the yen because they are both seen as safe havens. The pound has its own “There are problems. The British economy is not in a good situation and the possibility of a difficult Brexit still remains a risk,” he said.

Oil prices are trying to recover

Oil prices, which have fallen sharply as rising stocks in the United States and the increase in new coronavirus cases in China, Korea and the United States have led to concerns that the recovery in fuel demand will stall, are trying to recover in the morning hours.

After falling to 40.06 dollars per barrel, Brent oil is traded at 40.51 dollars as of 09.00, with a loss of 20 cents compared to yesterday. At the same time, the barrel price of US crude oil is at $37.58, down 38 cents compared to yesterday.

Analysts expect the price of West Texas oil, which has been in the 35-40 dollar/barrel range since the beginning of June, to remain within this range for a while unless new supply cuts come to the fore.

Brazilian Central Bank lowered interest rates

In order to prevent the worst possible economic collapse, the Central Bank of Brazil reduced the policy rate by 75 basis points to 2.25%, which is the historical low. The Central Bank’s monetary policy board, called Copom, unanimously reduced the benchmark Selic interest rate from 3% to 2.25%, citing the economic shock caused by the COVID-19 pandemic.

In the survey conducted by Reuters with the participation of 38 economists, a 75 basis point interest rate cut was expected.

Source: https://www.dunya.com/finans/haberler/kuresel-piyasalarda-tedirginlik-suruyor-haberi-472941

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