Turkey: Recession to be limited to -2% for 2020 – BNP Paribas

FXStreet Team FXStreet

François Faure from BNP Paribas says that the Turkish economy showed good resilience in February and March. USD/TRY is trading at 6.9596.

Key quotes

“The Turkish government has not imposed a generalized lockdown therefore the supply shock is less severe than for other European economies.”

“The Central Bank has lowered its policy rate by 200 basis points since mid-March and one third of the support program announced by the government (2.3% of GDP) has already been spent in mid-March.”

“We expect recession to be limited to -2% for 2020 as a whole.”

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

British Pound surges against US Dollar ahead of US NFP data

The British Pound trades 0.5% higher to near 1.3340 against the US Dollar during the European trading session on Thursday. The GBP/USD pair reflects strength as the US Dollar underperforms its peers ahead of the United States Nonfarm Payrolls data for June, which will be published at 12:30 GMT.

EUR/USD pops to multi-day highs above 1.1450 post-NFP

EUR/USD gains traction and surpasses the 1.1450 mark, reaching a fresh multi-day peak on Thursday, amid a marked correction in the US Dollar. Meanwhile, the pair leaves behind two consecutive daily pullbacks as investors continue to gauge the latest US NFP data.

Gold climbs above $4,100 following US Payrolls

Gold maintains its bullish momentum on Thursday, surpassing the $4,100 per troy ounce mark. The precious metal’s marked rebound comes on the back of the US Dollar’s retracement and higher US Treasury yields following the release of a softer-than-expected NFP report.