The Central Bank of Turkey cut the interest rates by 100 bps from 13% to 12%. The Central Bank proceeded with an interest rate cut as the inflation in August hit 80.2%.
USDTRY continues to hover at historical highs around 18.32.
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October PPI is expected at 8.4 on yearly basis from 8.5 in September. The core PPI is forecasted at 7.2 same as the previous month.
EURUSD slumps in early European trading as traders return to their offices after the New Year festivities. EURUSD is down 1.11% at 1.0546 hitting the lowest level since December 13
AUDUSD is trading lower today after the Australian central bank in a surprising move raised the benchmark interest rates by 25 basis points, below the expectations of a 50 basis points hike.
