The lira is falling strongly, and the Turks are buying gold after these data

 After a state of relative calm in the movements of the Turkish lira over the past two sessions, it caught its breath after a massive wave of record declines.

It seems that new data from the Turkish Central Bank has brought back to the lira the memory of declines that had not already been absent, prompting the Turks to abandon the lira and resort to gold to hedge against these shocking data.

The Turkish lira.. Where does it go this evening, after that data?

A little while ago, the Turkish Central Bank raised its forecast for the inflation rate by the end of 2021 to 18.4%, instead of previous estimates of 14.1%, as well as next year to 11.8% from 7.8%.

In July, the central bank expected annual inflation to fall to 14.1% by the end of the year. The annual inflation rate was 19.58% in September.

Last week, Turkey's central bank shocked the markets by cutting its interest rate by 200 basis points to 16%.

But he said there would be little scope for further price cuts this year, given what he described as transient price pressures on food, energy and other imports.

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lira now

During those moments, the Turkish lira fell strongly against the dollar, falling to levels of 9.6154 lira / dollar, a decline of 1.35%.

The lira returned to hovering around its all-time record low, which was recorded on October 25, at levels of 9.8595 lira / dollar.

While the Turkish gram of gold rose more than 2% to levels of 557.194 liras, after the shock of inflation data, rising by more than 11 liras per gram.

The Turkish lira is among the worst performing emerging market currencies against the dollar since the beginning of the year, with declines of more than 25%.