The Turkish lira jumped against the US dollar as traders reacted to the diverging paths between the Federal Reserve and the Turkish Central Bank (CBRT) decisions. The USD/TRY dropped to 7.3267, which was the lowest level since March 3. Fed and CBRT decisions The Turkish central bank concluded its third monetary policy meeting of the month on Thursday this week. In its … [Read more...] about USD/TRY: No End in Sight for the Turkish Lira Strength
Forex News
Existing-home Sales Drop In February As Inventory Falls To Historic Low
Existing-home sales declined in February after two consecutive months of gains, according to data released by the National Association of Realtors. Total existing home sales decreased 6.6% from January to a seasonally adjusted annual rate of 6.22 million in February. Total sales climbed year-on-year up 9.1% to 5.70 million in February.The median existing home price for all … [Read more...] about Existing-home Sales Drop In February As Inventory Falls To Historic Low
Turkish Markets Tumble After Surprise Ouster of Central Bank Chief
Turkey's financial markets tumbled, dragged by concerns on the country's currency following the dismissal of its central bank chief. The Borsa Istanbul Banks Index fell 9.5%. The lira weakened by more than 9%, within a few percentage points of its record-low reached on November 6 or the day before Naci Agbal was appointed.Turkey's benchmark 10-year local-currency bond rose … [Read more...] about Turkish Markets Tumble After Surprise Ouster of Central Bank Chief
Germany is Preparing a Debt Supplement of More than 60 Billion Euros
Germany is reportedly working on a debt-financed supplementary budget of more than 60 billion or $71 billion, according to Reuters. The debt will push up net new borrowing to a record of over 240 billion euros this year due to the Covid-19 pandemic. Germany’s massive fiscal push is needed because of a longer-than-expected coronavirus lockdown.Finance Minister Olaf Scholz is … [Read more...] about Germany is Preparing a Debt Supplement of More than 60 Billion Euros
U.S. Jobless Claims Rise above Expectations to Hit 770,000
U.S. jobless claims for the week ending March 13 was 770,000, up 45,000 from the previous week, according to the Department of Labor press release. The claims were higher than the consensus estimate of 700,000. Previous week jobless claims were revised up by 13,000 from 712,000 to 725,000.Continuing claims totaled 4.124 million, down from 4.142 million the previous week … [Read more...] about U.S. Jobless Claims Rise above Expectations to Hit 770,000
