Direction Slight Down in Sterling / TL | Investing.com

As part of the fight against the Covid-19 epidemic in England, some of the national quarantine rules that have been ongoing since January 5 were removed and normalization in social life was made. On the other hand, while the UK economy grew by 1.3 percent on a quarterly basis, the data pointed to a contraction of 7.3 percent on an annual basis. The appreciation of the dollar index after the positive macroeconomic data on the US side put some pressure on the assets of the sterling. However, the repercussions of remarkably high levels of 1.72 percent on the dollar side continue to put pressure on the overall G10 currencies. However, even if there is an upward movement of up to 11.60 in GBPTRY with the weak scenario on the side, it is seen that the prices are balanced around the 11.25 level.

If we look to the domestic side, while continuing to maintain asset value per post losses arising on yesterday, Central Bank of the Republic of Turkey (CBRT) President per side created short-term rates in an amount of appreciation. In his speech at the opening of the 89th Ordinary General Assembly Meeting of the CBRT, Kavcıoğlu stated that they will continue to use all their tools independently and effectively in line with the inflation target of 5 percent. Kavcıoğlu had previously emphasized that the perception of interest rate cuts, which emerged with the change of CBRT Chairman, was not a correct perception. On the other hand, we see that the consumer confidence index for March exceeded expectations with 98.9 yesterday. It is seen that the domestic figure exceeded the expectations with 52.6 in March.

After all these developments, with the passing of the support of 11.26 in the parity, which is within the slight withdrawal potential, the decreases may enter into speed gain within the framework of the support levels 11.13 and 11.0. However, in a return that can be experienced from the level of 11.26, 11.41 remains the first transition point. With the crossing of this level, the buying potential may reach resistance levels of 11.53 and 11.62.

GBPTRY
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