The ‘asset ratio’ effect on the dollar – Capital

Dollar / TL repeated yesterday’s 7.95 levels this morning. With the BRSA’s announcement that its active ratio will be abandoned, the exchange rate regressed to the level of 7.87 again.

24.11.2020 13:16:000

The strong appreciation of the Turkish Lira, following the change of economy management, positive messages to the markets and interest rate decision, reversed this week. On the first day of the week, the dollar / TL set 6 percent above the two-month low of last week, 7.50 and climbed to 7.95. While the exchange rates were at similar levels this morning, another normalization move came from the BRSA. The BRSA announced that the regulation on the asset ratio will be abandoned as of 31 December. With this development, there was a sudden withdrawal in exchange rates. While dollar / TL decreased from 7.94 to 7.87, euro / TL decreased from 9.41 to 9.30.

10-year tender for the first time after two years

The 10-year bond auction, which will be held today, will be watched after the Central Bank’s 475 basis point rate hike in domestic markets. Treasury will offer the new indicator, 10-year (3,640 days) fixed coupon bonds to the market for the first time. The Treasury goes out to a 10-year tender for the first time in more than 2 years, and the maturity extends to the 2030s for the first time. The Treasury most recently held 10-year fixed coupon auctions in July 2018 and CPI-indexed auctions the following month. The redemption date of the new bond will be 13 November 2030.

Again today, 7-year (2.548 days) floating rate bond will be sold for the first time. The bond will be dated November 17, 2027 for redemption. The value date of both bonds with coupon payments every 6 months was determined as Wednesday, November 25.

Gold at the bottom of 4 months

Oil prices rose to the highest level since March, surpassing $ 46, after Pfizer-BioNTech and Moderna, and AstraZeneca-Oxford University also introduced an ambitious vaccine against coronavirus. Gold prices, on the other hand, fell to $ 1,821, the lowest level in 4 months, as uncertainties about the epidemic decreased with the vaccine.

What will be followed in global markets?

Abroad, Bank of Japan (BoJ) President Haruhiko Kuroda (15.00), European Central Bank (ECB) President Christine Lagarde (17.00), St. Louis Fed President James Bullard (15.00-19.00), New York Fed President John Williams (20.00) and the European Central Bank (ECB) Philip Lane (20.30).

While there is no very important data in the US, FHFA and S&P Case Shiller data (17.00) on the residential side, and Richmond Fed manufacturing and Conferance Board consumer confidence (18.00) on the index side will be followed.
Third quarter-final growth and Ifo indices will be followed in Germany.

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