Market News

The Turkish lira is coming back strong

Erdogan’s secret
Although the financial data and indicators that appeared yesterday, which strengthened the dollar’s strength, coincided with the rise in signs of weakness in the Turkish economy, the performance of the lira came to the contrary. This came thanks to the statements of Turkish President Recep Tayyip Erdogan regarding the recovery of the Turkish economy and moving forward with economic reform.

Other indicators control the currency
The change in the ADP Nonfarm Private Sector Employment Index released a while ago revealed higher than expected results in employment rates excluding the agricultural sector in a new sign of the recovery of the US economy. The latest reading recorded an increase in the number of jobs to 692 thousand jobs, compared to estimates that were hovering around adding 600 thousand jobs, while it came lower than the previous reading of 886 thousand jobs. The total jobs added by the services sector amounted to 624 thousand, as the health and education sector added 123 thousand jobs. And the hospitality sector 332 thousand jobs. The trade, transport and utilities sector added 62 thousand jobs, while 47 thousand jobs were added in the construction sector. On the other hand, the Turkish trade balance deficit rose during last May to reach 4.13 billion dollars, compared to the previous reading, in which the deficit amounted to about 3.06 billion dollars. And the cumulative Turkish balance deficit recorded during the first 5 months of 2021 to about 18.7 billion, compared to 18.5 billion dollars during the same period of 2020.

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