Turkish Lira Advances To Weekly High Vs U.S. Dollar After Turkey Rate Decision
07 Junio 2018 - 3:50AM
RTTF2
The Turkish Lira climbed against the U.S. dollar in the European
session on Thursday, as Turkey's central bank resorted to a sharp
rate hike citing high inflation, after raising the rate by 300
basis points at an emergency meeting late last month.
The Monetary Policy Committee decided to increase the policy
rate to 17.75 percent from 16.50 percent.
"Despite the mild outlook for demand conditions, elevated levels
of inflation and inflation expectations continue to pose risks on
the pricing behavior," the bank said in a statement. "Accordingly,
the Committee decided to further strengthen the monetary tightening
to support price stability."
The Lira that closed Wednesday's trading at 4.5540 per dollar
spiked up to a weekly high of 4.4552. If the Lira climbs further,
4.3 is seen as its next upside target level.
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