Markets

After the inflation peaked in two years, the dollar/TL exceeded 8.70

Investing. com – According to TUIK data CPI rose 1.94% month-on-month to 17.53 percent year-on-year in June. While this level is the highest level after May 2019 PPI, on the other hand, increased by 4.01% monthly to 42.89% in June, which was the peak after October 2018. The acceleration in the rise in producer inflation and the opening of the PPI-CPI gap indicate that the rise in inflation will continue in the summer months.

In the last month, the highest monthly increase in inflation, which was above the expectations, was in the transportation cluster. While there was an increase in this item due to the lifting of restrictions and travel, the only cluster that showed a monthly decrease was alcoholic beverages and tobacco with 0.01%.

Processed from 8.6580 before inflation data USD/TRY rose to 8,7130 after higher-than-expected numbers, EUR/TRY also increased from 10.2725 to 10.33. In the dollar rate, which closed the previous week below the level of 8.70, 8.75 was seen as resistance on the first day of the new week, while 8.6380, the lowest level of the last week, is observed as reinforcement.

Author: Deniz Engin

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