Foreign exchange markets, which had a very active day yesterday, started fast today. The dollar/TL exchange rate, which hovered around 7.83 in the morning hours, started to decline after a new one was added to the normalization steps in the markets. The dollar/TL fell from 7.83 to 7.74 and the euro/TL from 9.20 to 9.10.
What decisions were taken this morning and what do they mean?
In order to reduce the interest of citizens in foreign currency, the 1 percent BITT rate, which was started to be applied in foreign currency and gold purchases last May, was reduced to its previous level of 2 per thousand. In addition to this step, it is aimed to encourage citizens to switch from foreign currency to TL by reducing withholding taxes on TL deposits.
US election debate unsettles markets
In global markets, the uneasiness of the fierce debate between the presidential candidates ahead of the US elections prompts investors to be cautious. While we see a mixed picture in Asian stock markets, US futures are negative by more than 1 percent.
US stock futures contracts US President Donald Trump and Democratic candidate Joe
Biden fell after the debate, in which they were unable to gain a decisive advantage over each other. Election
The dollar also found support after the debate, which did not give any clues about its results. The MSCI index, which tracks Asia-Pacific stock markets outside Japan, rose 0.3 percent, while the 1.2 percent premium in Hong Kong stock markets played a leading role in this increase. Japan fell 1.5 percent and Australia fell close to 2 percent. China’s Shanghai composite index is minus around 0.4 percent.
China’s manufacturing sector increased its growth rate in September as exports increased and the economy
pointed out that it has taken firm steps towards recovery from the coronavirus outbreak. Official in China
manufacturing purchasing manager index (PMI) rose to 51.5. While PMI was 51.0 in August
data above 50 means that there is growth.
Agenda of the Day
10.00 Turkey, foreign trade balance for August
10.00 Turkey, services Producer Price Index for August
10.55 Germany, September unemployment rate
12.00 Eurozone, Consumer Price Index for September
15.15 US, ADP private sector employment for September
15.30 US, 2nd quarter Gross Domestic Product
17.00 US, pending home sales for August
Gold prices return from the week’s peak
Gold prices rose with the upward movement of the dollar after the presidential debate.
declined. The ounce price of gold in the spot market hit the peak of the week at 1,899 dollars.
then fell to $1,889.
Source: https://www.dunya.com/finans/haberler/vergiler-indi-dolar-dususe-gecti-haberi-483455
