Euro gains amid German coalition talks

Single currency also helped by strong German business confidence data, which hit record high in November 

Euro gains amid German coalition talks

World Bulletin / News Desk

The euro/U.S. dollar exchange rate rose to its highest since September early Monday to $1.1946 amid German Chancellor Angela Merkel’s ongoing coalition government talks. 

The market will watch the country’s political leaders’ next moves, especially the Social Democrats. The opposition party may take a last chance to prop up a Merkel minority government; if not, Germany could see a fresh election.

President Frank-Walter Steinmeier is to meet the parliamentary group leaders of Merkel’s Christian Democrats, the Greens and the Left Party in a bid to break the deadlock on Monday.

The single currency was also helped by strong German business confidence data, which hit a record high in November.

In another important development, inflation figures for the U.S. -- the world’s largest economy -- will be announced on Thursday. On the same day, personal income and spending report for October will be announced.

In the domestic market, October tourist arrivals will be announced on Wednesday by the Turkish tourism ministry.

On Thursday, October’s final foreign trade statistics will be realized by the Turkish Statistical Institute (TurkStat).

Also on Thursday, the Turkish Central Bank will release its Financial Stability Report, which contains the bank’s assessment of financial risks in the business sectors and non-financial sector’s exposure to forex risks as well as the policy measures to deal with it.

The Turkish lira rose to 3.9380 against the U.S. dollar on Monday’s early trading, compared to 3.9440 on Monday’s opening.

Gold prices were up 0.27 percent at $1,290.15 per ounce at 0732GMT on Monday.

On Friday, Turkey's benchmark stock index closed the last week down 0.88 percent at 105,026.11 points.

Turkey's benchmark stock index, BIST 100, rose 247.99 points or 0.24 percent to open at 104,787.40 points on Monday.

International benchmark Brent crude oil hovered over $63.80 per barrel on Monday, down 0.6 cents from its last close, at 0732GMT.

The 10-year benchmark bond in Turkey decreased to 12.82 percent on Monday, 12 base points lower from its previous close on Friday.

Last Mod: 27 Kasım 2017, 10:47
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