Daily - 27/08/2008 18:16
On Tuesday Us Dollar appreciated against TRY because of the decline in €/$ parity. As the $/TRY rate closed from TRY 1,1910 on Tuesday whereas the transactions started from TRY 1,1875 on Wednesday. $/TRY appreciated through the day while rate moved within the band of 1,1865-1,1910. The TRY rate appreciated a little against the basket value while the developing countries currency depreciated against the Us dollar. The average price at Central Bank’s auction was TRY 1,1909 with 29 million dollar in bids. 3 million dollar was used at the auction. The released data in Us regarding the durable orders occured over the expectations supported the Us dollar value against other currencies. We expect the GDP data and the initial claims data will effect the $/TRY rate through the day.
Daily - 27/08/2008 18:17
On Wednesday, there was an upward movement towards the 19% compound level in benchamark rates because of the TRY depreciation against Us dollar. The foreign banks are on the sell side and a little profit-taking seen in the bond market which supported the upward movement in the rates. On Wednesday, the volume in bond market increased compared to the Tuesday values while the relesed durable goods data in Us occured over the expectations, supported the market players to be in buy-side on Thursday value trades. We expect the GDP and the initial claims data that will be announced in Us on Thursday, will have impact on bond market while we think that the market can enter in a buy-side trend from the 19% compound levels.
