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The Turkish lira sank to a fresh record low Monday as incumbent Recep Tayyip Erdogan secured his victory in the 2023 presidential election, extending his rule into a third decade in power.
The Fed signaled that it could pause rate hikes after May’s meeting, so investors become convinced that the dollar is near its tipping point and the Fed will cut rates by the end of this year.
Erdoğan faced his toughest campaign since 2002 as the vote could go to a second round for the first time since Turkey switched to an executive presidency in 2017.
GBP/USD was trading at 1.2618 on Tuesday, close to the 1.2688 it hit on Monday, its highest level since April 2022. EUR/GBP fell to 0.8698, the lowest level since mid-December.
SVB failure is still reverberate across global markets as a big wake-up call for policymakers that have been taking a hard line on inflation.
Federal Reserve Chair Jerome Powell dropped another bomb in his testimony to Congress on Tuesday, suggesting more hikes than previously anticipated might be needed to combat inflation.
Experience the impact of current gas prices in a warm winter. Discover how the reduced demand is affecting the cost of gas and how it may impact prices.
The BoE delivered more dovish tone than the Fed in saying the U.K. interest rates are around their peak though U.K. inflation looks more sticky and scorching. The latest reading unexpectedly rose to 10.4, breaking 3-month stretch of declines.
