Lira Strong Despite Turkey’s Slowing Inflation

The Turkish lira managed to gain today even after Turkey’s inflation slowed more than was expected.
Turkey’s annual inflation slowed to 15.01% in August from 16.65% in July. Market participants were expecting a smaller slowdown to 15.51%. Experts speculated that the slowing inflation will likely result in an interest rate cut later this year.
USD/TRY dropped from 5.8051 to 5.7540 as of 12:28 GMT today. EUR/TRY declined from 6.3705 to 6.2978.

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