Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Turkish lira is falling down
Information is not investment advice
It’s a tough time for the Turkish lira. The USD/TRY is moving up strongly and aggressively. It broke through the highest historic closing price of 2018 year, notably 6.82, and has almost reached the 7.00 mark.
According to economists from TD Securities, the Central Bank of Turkey (CBRT) will completely exhaust Net International Reserves this week. Moreover, if the present rate doesn’t slow down, total reserves will be over at the latest by the 3rd week of September, at the earliest by the 3rd week of July.
The CBRT cut the benchmark interest rate by 100 basis points to 8.75 percent, surprising economists, who had forecast a 50-basis point reduction. However, such a huge decline would have happened anyway, even if the CBRT didn’t cut rates. Some analysts think the pair can rise even to the 8 mark.
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Australian Monetary Policy Meeting Minutes are announced on Tuesday at 04:30 MT time.
Follow Canadian core retail sales on September 18 at 15:30 MT time!
The US dollar gained after the Fed’s report, while riskier assets dropped. Let’s have a closer look.
Keep an eye on the UK monetary policy statement on September 17 at 14:00 MT time!