Simultaneously, The euro fell after a poll showed Germany’s business confidence deteriorated in November, while the Turkish lira remained under pressure after President Tayyip Erdogan defended interest rate cuts despite the advance of inflation.
German business confidence worsened for the fifth month in a row as supply problems in the manufacturing industry and a surge in COVID-19 cases clouded growth prospects. Ifo said its business climate index fell to 96.5 from 97.7 in October.
The euro depreciated 0.3% to $ 1.1205, the lowest since early July 2020.
The Turkish lira remained near the all-time low of 13.45 units per dollar to which it fell on Tuesday, when it devalued 15% after Erdogan defended cuts in credit costs.
Earlier in the session, the lira weakened to 13.15 against the dollar before rebounding to 12.55.
The coin has hit all-time lows in 11 consecutive sessions. Despite Erdogan defending the central bank’s monetary policy, there is widespread criticism from those calling for action to reverse the currency’s decline.
Source From: Ambito
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