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Forex News: Turkish Lira Declines To More Than 4-month Low

Turkish Lira Declines To More Than 4-month Low Against U.S. Dollar

01/03/2020 - 07:40:00 (RTTNews)

(RTTNews) - The Turkish Lira weakened against the U.S. dollar in the European session on Friday, as strong domestic inflation data for December spurred hopes for more monetary easing.

Data from the Turkish Statistical Institute showed that Turkey's consumer prices rose at the fastest pace in four months in December.

The consumer price index rose 11.84 percent year-on-year in December, following a 10.56 percent increase in November.

Separate data from the statistical office showed that the producer prices increased 7.36 percent year-on-year in December, following a 4.26 percent rise in November. The increase was also the highest in four months.

The Lira slipped to 5.98 against the greenback, its weakest since August 26. At yesterday's close, the pair was worth 5.96. The next possible support for the currency is seen around the 6.2 level.

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