Solid News

Turkish Authorities Continue Lowering Interest Rates

2/3/2023 12:25 PM

The USD/TRY pair is moving in an extremely narrow corridor with borders 18.8000–17.7600, artificially held there for a long time.

Turkish authorities continue to implement alternative monetary policy, cutting the interest rate to fight inflation, which at the end of last year corrected to 64.27%, the second consecutive monthly fall from 84.39% in November. Yesterday, the country's leader Recep Tayyip Erdogan noted that the adjustment of the indicator, which is now at 9.00%, will continue further as the "dovish" rhetoric demonstrates its effectiveness. Ahead of the June presidential election, the official raised the minimum wage by 55.0% to ease pressure on households and also announced a measure that would allow more than two million people to retire early despite the additional strain on the national budget. Today, new data on the dynamics of consumer prices will be published, and analysts suggest that they will be corrected to 53.50%.

The US dollar reversed and formed a local growth, reaching 101.700 in the USD Index against the positive report on the labor market, according to which initial jobless claims decreased to 183.0K from 186.0K earlier and was much better than the predicted increase to 200.0K. The total number of citizens receiving support from the state also fell to 1.655M compared to 1.666M last week.

On the four-hour chart, the trading instrument is moving within the next wave of the global side corridor.

Technical indicators keep an unstable buy signal: the EMA fluctuation range on the Alligator indicator is in uncertainty, changing direction weekly, and the AO histogram forms corrective bars in the buy zone.

Resistance levels: 18.8400, 18.9100. | Support levels: 18.7700, 18.6800.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Disclaimer 1: Solid ECN Securities LLC and it affiliates does not accept clients from Turkey, United States, and Europe.
Disclaimer 2: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Copyright All Right Reserved 2023