Turkey’s lira firms on inflation data, Fed and ECB easing expectations

Madiha Shakeel September 4, 2019

ANKARA: Turkey’s lira firmed beyond 5.70 against the U.S. dollar for the first time in two weeks on Wednesday after annual inflation fell more than expected in August and on expectations of easing from the U.S Federal Reserve and European Central Bank (ECB).

On Tuesday, data showed inflation fell to 15.01% in August, resuming its downward trend, giving the lira another boost after figures on Monday showed the economy shrank less than expected in the last quarter.

On Wednesday, the lira firmed to as far as 5.68 against dollar, marking the first time the currency strengthened beyond 5.70 since August 20.

Copyright Reuters, 2019
 

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