Turkish Lira appreciates against the $
The Turkish Lira has appreciated against the $ last week, up over 1.2%. The ISE index was also up over 2.3% to 65,714 by the end of the week.
Turkey has good export volumes with the US and China and after the US unemployment rate dropped to 8.8% and the manufacturing growth in China was up, this helped the export driven economy of Turkey.
Turkey's economy grew 9.2% in the forth quarter bettering analysis extimates of 7.4%. The result of these numbers is drawing foreign funds in the ISE and also Turkish bind markets, 2.3bil $ into the market and 1.25 bil $ into the bond market gave considerable strength to the Lira.
In addition, the Central Bank is still withdrawing liquidity from the markets and this has also given the currency support. This is due to increases in banks reserve requirements.
