Central Bank of Turkey

Stocks and Dollar Falter as Sovereign Debt Yields Resume Their Rise

February 18, 2021

Overnight dollar losses range from 0.7% against sterling to 0.4% relative to the Aussie and New Zealand dollars, 0.3% versus the euro, Swiss franc and peso and 0.2% relative to the yen and loonie. The trade-weighted dollar is 0.3% softer. Ten-year sovereign debt yields are up four basis points in the U.K., lifting the pound […] More

Slew of U.S. Executive Orders and Central Bank Policy Reviews

January 21, 2021

President Biden’s inaugural address yesterday called for national unity to face down the many severe challenges now juxtaposed. 17 executive orders followed to reverse several polices of the Trump era. Contrary to warnings, inauguration day was free of domestic violence. U.S. stocks experienced their greatest advance on a presidential inauguration day since 1985, when Reagan […] More

Central Bank of Turkey’s Repo Rate Lifted Another 200 Basis Points

December 24, 2020

2020 was a very active year for Turkish monetary policy. Five repo rate reductions in January-May totaled 375 basis points but were followed by sharp hikes of 200 basis points in both September and today, flanked around a huge 475-basis point increase in November. The rate benchmark is ending the year at 17% compared to […] More

Some Important Developments this Christmas Eve

December 24, 2020

Many markets were either shut all day or closed early. Nevertheless, investors are digesting some significant developments: The Central Bank of Turkey hiked its one-week repo rate by a greater-than-expected two percentage points to 17%. The rate was 12% at the start of 2020 and 8.25% in June-August. EU/British trade negotiators reached a tentative accord, […] More

Central Banks of Turkey, Ukraine, and Israel Review Monetary Policies

October 22, 2020

Instead of a follow-through measure after last month’s two percentage point rate hike, officials at the Central Bank of Turkey surprised analysts by keeping their one-week repo rate unchanged at 10.25%. Many had been expected the rate to return to its end-2019 level of 12%. The rate initially this year had been slashed by 75 […] More

Two Percentage Point Interest Rate Hike in Turkey

September 24, 2020

Officials at the Central Bank of Turkey made the biggest splash, hiking the one-week repo rate by two full percentage points to 10.25%, which reverses over half of the 375 basis points of reduction engineered earlier this year between January and May. This directional reversal was ostensibly done in light of this quarter’s “markedly” recovering […] More

Nine-Week High in Trade-Weighted Dollar Despite Adverse U.S. News

September 24, 2020

The dollar rose overnight to a nine-week trade-weighted high of 94.55. The U.S. currency touched a three-month high of NOK 9.5974 against the Norwegian krone, two-month highs of 1.1633 per euro and CHF 0.9269, and 1-month highs of $0.6516 against the New Zealand dollar and ZAR 17.2230 versus the South African rand. Gold, which tends […] More

Sharp Equity Declines but Mixed Dollar

August 20, 2020

The U.S. equity market correction triggered by downbeat FOMC minutes┬áreleased yesterday afternoon set the tone for overnight losses in European and Asian markets where bourses tumbled 3.7% in South Korea and 3.3% in Taiwan and by at least 1.0% in China, Hong Kong, Japan, Singapore, India, Germany, France, Italy, U.K., and Spain. Indonesia’s market did […] More

Continuing Dichotomy Between Equities and Covid Spread

July 23, 2020

In the past 24 hours, the number of identified Covid-19 infections soared by 284,408 worldwide and 10,738 in the United States, and the number of associated deaths totaled 72,575 and 1,234. All four changes were greater than in the previous 24-hour period. Japanese markets are closed today and tomorrow for Marine Day and Sports Day, […] More

Distress Persists that Runaway U.S. Outbreak Will Constrain Recovery

June 25, 2020

America’s bad Covid-19 numbers continue to dominate world financial markets this Thursday. China, Hong Kong and Taiwan are closed for the Dragon Boat Festival, but in other stock markets in the Pacific Rim, share prices closed with losses of 2.5% in Australia, 2.3% in South Korea, 1.5% in Singapore, 1.4% in Indonesia and 1.2% in […] More

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