The USD/TRY started the week horizontally.

The USD/TRY started the new week with a sideways trend and is currently trading just above its previous closing level at 33.0380 as of 10:30. At the same time, the EUR/TRY is up 0.1% at 36.0020 and the GBP/TRY is up 0.1% at 42.7080. The dollar index is currently 0.1% below its previous closing level at 104.3.

Analysts point out that central banks around the world are slowly approaching the end of their tight monetary policies in their fight against inflation. They also mentioned that asset pricing has become more difficult following the uncertainties arising from President Joe Biden's withdrawal from the presidential race.

President Biden announced yesterday that he is withdrawing from the race and endorsing Vice President Kamala Harris. Concerns about President Biden's health and the attack on former President Donald Trump, the Republican candidate, have sparked debates among Democrats. Analysts noted that Trump is still ahead in the polls in the United States. On the macroeconomic data front, analysts noted that the focus this week is on the intense data agenda, including growth in the United States. They also mentioned that the pricing of the Federal Reserve's future policies indicates that the central bank may cut interest rates three times by the end of the year. The upcoming data from the labor market is expected to have an impact on these pricing decisions, and signals from recent data suggest a cooling in the labor market, which is seen as one of the factors that temper the high risk perception worldwide and create room for expansionary policy steps by the Fed.