Pound Sterling to Turkish Lira (GBP/TRY) Exchange Rate Forecast to Soften on UK Data
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Monday’s British data printed disappointingly, causing the Pound to slump versus many of its most traded rivals. The Turkish Lira, meanwhile, appreciated versus many of its major peers after domestic data showed inflation is moving towards the target set by the Central Bank of the Republic of Turkey (CBRT).
The Pound Sterling to Turkish Lira exchange rate is currently trending in the region of 3.5791.
Pound Sterling (GBP) Exchange Rate Trending Lower on Construction Data
After data pertaining to the UK showed construction output dipped in December, the Pound slumped versus many of its most traded currency competitors. The Construction PMI declined beyond the market consensus of a drop from 59.4 to 59.0, with the actual result falling to 57.6.
Tim Moore, Senior Economist at Markit, said; ‘While new business growth moderated to its lowest for a year-and-a-half in December, UK construction firms are still highly upbeat about their prospects for output growth in 2015.’
The Pound Sterling to Turkish Lira exchange rate has fallen to a low today of 3.5715.
Turkish Lira (TRY) Exchange Rate Strengthens on Inflation Data
In the wake of data which showed inflation to be moving towards the 5.0% target set by the CBRT, the Turkish Lira strengthened against the majority of its most traded rivals. The nation’s Inflation Rate declined from 9.15% to 8.17% on a yearly basis, having softened by -0.44% in December. The year-on-year Producer Price Index dropped from 8.36% to 6.36% having declined by -0.76% in December.
Pound Sterling to Turkish Lira (GBP/TRY) Exchange Rate Forecast to Trend Lower
With a complete absence of domestic data to curb the trend, the Pound Sterling to Turkish Lira (GBP/TRY) exchange rate is likely to continue trending lower over the course of Monday.
GBP/TRY movement could be caused later in the week as the UK publishes its highly-influential Services PMI and Turkey releases its retail sales figures.
The Pound Sterling to Turkish Lira exchange rate climbed to a high today of 3.5962.