The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
Turkish lira is falling down
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 the report on August 14 at 15:30 MT time!
The market sentiment switched to risk-on. The US dollar is dipping down, while riskier assets are rising, especially the Australian dollar after the positive employment data. All eyes on US unemployment claims.
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