While the downward trend in exchange rates continues, dollar prices are at the level of 7.01 TL at these minutes. Euro prices are traded at 8.49 TL. Economists, evaluating the downward movement in the dollar exchange rate; commented on whether the exchange rate could see below the psychological level of 7.00 TL.
While the dollar rate saw its lowest level in the last 6 months yesterday; It is moving close to the same levels on the last trading day of the week. Setup of the Central Bank of Turkey (CBT) gave a strong message that Turkey’s continue to run below the risk premium of 300 basis points and continued its downward trend with hot money inflows Turkey; During the day, it saw the lowest level of 7.0087 TL and the highest level of 7.0462 TL. While the psychological level of 7.00 TL in the dollar exchange rate stands as a strong support level; Exchange rate decreased by 0.14 percent as of 15.23 hours and moved at the level of 7.0174 TL. While Euro prices see the lowest 8.4880 TL during the day, they are at the level of 8.4949 TL in the following minutes. Sterling is traded at 9.6777 TL in the same minutes.
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Dollar prices yesterday, while moving the closing time of 7:01 TL at Turkey market; He started the new day at 7.03 TL.
The compound interest rate of the 10-year benchmark bond stands at 12.93 percent, while the compound interest of the 2-year benchmark bond stands at 14.77 percent.
While the dollar index is at the level of 90.61 with an increase of 0.20 percent in the following minutes; The euro / dollar parity is currently moving around 1.2105 levels.
It will not be easy for 7.01 TL support to go down in the near term
Eral Karayazıcı – Gedik Asset Management – Fund Management Manager
The dollar fell by 0.3 percent this week, and fell to 7.0350 against the Turkish lira. distinguishes associated with global climate occurred two weeks remaining loss experienced this week … what we should have seen that in the last week of January, the dollar rose yükselemeyiş in Turkey in the world; The fall in the world could not lose more value in Turkey.
This week, the losses experienced in Turkey, stayed below average 0,7’n percent of the losses suffered in the world. Is this a temporary one-week change, or is the period of positive divergence in Turkish lira over at least for a while; Although it is not easy to comment at this stage, I think that the external climate may start to be more effective at least for a while and intermediate currents in both directions may come to the table.
If you ask what will be the course of the dollar in the world, I find it more likely that the main course in the US currency will be negative until the end of April or even May, I think this will be supportive for the Turkish Lira. Although I think that it is not easy to pass down both technical and psychological support at 7.01 TL in the near term, I think that it is possible to test the main support of 6.85 TL in the spring with global current support.
7.00 TL LEVEL STRONG SUPPORT
Seda Yalçınkaya Özer – Integral Investment Research Assistant Manager
There is no significant development in DollarTL that will change direction. The fact that the credit default swap risk premium (CDS) continues to hover below 300 basis points indicates that the tension is under control.
According to the data released yesterday; The stubborn attitude towards foreign exchange deposits among residents seems to have been broken. The calm and balanced course of DollarTL limits its attraction as an investment tool. It can be used as a sales opportunity in case of upward reactions. For now, the 7.00 TL level continues to be in a strong support position.
Technically, the course is under the direction changing moving averages such as 200-day and 50-week in DollarTL. Overall, it’s worth saying that the technical side is down. It would be a better strategy to use the rises as a selling opportunity, rather than using pullbacks as buying opportunities. In this respect, the 50-week average of 7.20 TL can be observed in the first resistance position.
BEWARE OF CLOSURES UNDER 7.00 TL
Rıdvan Baştürk – Special Fund Manager
Baştürk said in his post on his Twitter account, “He continues to test the bottom regions … As long as there are no closures below 7.00, we must be careful …”.
Dollar exchange rate…
He continues to test the deep areas …
As long as there are no closures below 7.00, you need to be careful … pic.twitter.com/Edeca5JGyU– Rıdvan Baştürk (@ridvanbasturk) February 12, 2021
Source: bigpara- GÜNDEM by bigpara.hurriyet.com.tr.
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