Location & Language

Zenfinex Global Limited regulated by the Financial Services Authority (FSA) of Seychelles (SD092)

High Inflation Persists in Turkey Despite Central Bank’s Interest Rate Stance

By Samir Al Khoury,

Although the Turkish Central Bank continued to set interest rates at 50% for the third consecutive time at its meeting on May 23, 2024, the consumer price index (CPI) on an annual basis in Turkey remains very high, recording 75.45% in May. This figure exceeded expectations (74.80%) and the previous reading (69.80%), marking its highest level since November 2022. The producer price index (PPI) on an annual basis in Turkey also recorded 57.68%, surpassing the previous reading (55.66%) and reaching its highest level since March 2023.

The real interest rate is still negative, indicating a significant gap between the nominal interest rate and the inflation rate. This situation may push the Turkish Central Bank to tighten its monetary policy further by raising interest rates to tame inflation.

The Turkish lira continues to deteriorate against the US dollar, with the exchange rate hitting 32.6537 today, a historical record level, and currently hovering around 32.50 liras per dollar.

From a technical standpoint, it appears that the upward trend for the dollar against the Turkish lira will prevail in the next stage. The positive momentum for this pair continues, as indicated by the relative strength index (RSI), which is at 68 points and approaching the overbought area. The MACD indicator, colored blue, also exceeds the SIGNAL LINE, colored orange, in the negative zone.

Please note that this analysis is provided for informational purposes only and should not be considered as investment advice.

Taurex is the trading name of Zenfinex Global Limited, Stochastic Africa SL Ltd, Zenfinex Global LLC, and Zenfinex Limited.

Zenfinex Global Limited is registered in the Republic of Seychelles with registration number: 8428731-1 and is regulated by the Financial Services Authority of Seychelles (license number SD092). Its registered office address is F20, 1st Floor, Eden Plaza, Eden Island, Seychelles.

Stochastic Africa (SL) Limited is a company registered in Sierra Leone with Company Number: SL270319STOCH05271 and is licensed by the Bank of Sierra Leone under license number BSL/SAL/2023 and with the registered office at 148D Wilkinson Road, Freetown, Sierra Leone.

Zenfinex Global LLC is a company registered with the Financial Services Authority in Saint Vincent and the Grenadines under registered number 138 LLC 2019. Its registered office is Hinds Building, Kingstown, Saint Vincent, and the Grenadines.

Zenfinex Limited is a company registered in England and Wales under registered number: 11077380. Authorised and regulated by the Financial Conduct Authority under firm reference number 816055. Its registered office is 4th Floor, 4 Eastcheap, London, EC3M 1AE, United Kingdom.

*All trading involves risk.

Back

Popular Posts

U.S. Stock Markets Face Sharp Fluctuations Amid Rising VIX

Reasons for the Decline of the Mexican Peso Against the US Dollar

Weakness of the Swedish Economy and Its Impact on the USD/SEK Pair

El Dow Jones, Nasdaq 100 y S&P 500 abren mixtos tras la confianza...

Lorem Ipsum

Lorem ipsum dolor sit amet, consectetur adipiscing elit.

Here are some related articles you may find interesting:

Market Insights​

November 1, 2024

U.S. Stock Markets Face Sharp Fluctuations Amid Rising VIX

U.S. stock markets are experiencing sharp fluctuations, with the VIX index rising to levels above 23 points yesterday, its highest level since September 6. U.S....

Market Insights​

October 31, 2024

Reasons for the Decline of the Mexican Peso Against the...

The price of the US dollar against the Mexican peso continues its upward trend, reaching 20.2253 yesterday, the highest level since September 29, 2022. The...

Market Insights​

October 30, 2024

Weakness of the Swedish Economy and Its Impact on the...

The price of the US dollar against the Swedish krona continues its upward trend, reaching 10.6852 yesterday, the highest level since August 2, 2024. The...

Market Insights​

October 29, 2024

El Dow Jones, Nasdaq 100 y S&P 500 abren mixtos...

El Dow Jones opera con pérdidas y retoma la perspectiva bajista, alcanzando mínimos de dos días en 42,166.El Promedio Industrial Dow Jones inició las negociaciones...

Ready to Elevate Your Trading Journey?

Open a Taurex account and start trading today.

We’re Sorry

Access to tradetaurex.com
is unavailable in your region

tradetaurex.com is required to abide by global laws and therefore the information on this site is not directed at residents of the United States, Canada, North Korea, Iran, Myanmar, Belgium, Spain, France, Japan, South Korea or any particular countries and is not intended for distribution to, or use by, any person in an country or jurisdiction where such distribution or use would be contrary to local law or regulation.