After both headline and core inflation were below expectations in the USA, domestic foreign exchange markets were active. Responding to a global macroeconomic event abroad for the first time in a long time, the Turkish market’s under-expected inflation accelerated the appreciation of the Euro against the TL.
Following the below-expected inflation, the dollar depreciated against major currencies, and the decline in the dollar index proved this.
The dollar index, which depreciated rapidly in the minutes when the data was first announced, caused the Euro to gain 0.55 percent against the dollar.
After the developments, sharp activity was observed on the Euro/TL front. After the data fell short of expectations, it gained value rapidly against Euro/TL, while a calm outlook prevailed on the dollar/TL side. The Euro/TL parity, which rose rapidly in the first minutes after the announcement of the data, rose to the level of 28.9632, and returned from the 29 limit. As of 15:40, the pair is at 28.93 with an increase of 0.61%.
The inactivity in the dollar/TL drew attention
Despite the reaction of Euro/TL to the inflation, which was below expectations in the USA, there was no movement in the dollar/TL parity. The dollar/TL parity, which rose rapidly to the level of 26.22 in the seconds when the data was first announced, returned to the level of 26.12-26.15, where it continued its calm course during the day, after a partially sharp movement.
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