Dollar and Euro start the day with gains

The USD/TRY pair started the day with gains, trading at 32.7110. The EUR/TRY is selling at 35.4330. Yesterday, the USD/TRY was on an upward trend, closing 0.1% higher than the previous day at 32.5800.

Publication: 06.07.2024 - 11:52
Dollar and Euro start the day with gains
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As of 10:30 AM today, the USD/TRY is trading 0.4% higher at 32.7110. At the same time, the EUR/TRY is up 0.4%, selling at 35.4330.

The dollar index, on a downward trend for the fourth consecutive trading day, is currently 0.1% below its previous close at 105.


Analysts note that asset prices are mixed due to the dense election schedule worldwide and signals from macroeconomic data. Today, investor attention is focused on the employment report to be released in the United States.

While the uncertainties about the future steps of the Federal Reserve (Fed) have slowly begun to diminish, pricing does not yet provide a clear picture of the roadmap.

Confidence that inflation in the U.S. will reach the desired level has strengthened with recent data, but the still-hot labor market continues to raise questions.

The employment report expected today is anticipated to alleviate concerns about the tightness of the labor market, with non-farm payrolls forecasted to have increased by 190,000 last month.

Analysts remind that non-farm payrolls were 272,000 in May, and data meeting expectations could indicate a slow cooling of the labor market.

This could ease the Fed's policy space, making future actions more concrete in terms of pricing.

Analysts highlight that recent statements from Fed officials have maintained a cautious stance, and today's employment report could ease the decision-making process for Fed officials.

The signals from the data set, especially non-farm payrolls, are crucial for pricing, and the release of these figures could increase market volatility.

Before these data are released, there is a 79% probability that the Fed will cut rates by 25 basis points in September, with a total of two rate cuts expected this year.