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New York Foreign Exchange Market: The dollar rose to its highest level since early March following the release of PMI data.
After President Trump of the USA announced that he might grant tariff reductions to many countries, the Bloomberg USD index reversed most of its intraday gains. The yen remains the worst performer among G-10 MMFs, following weak Japan PMI data, and a Bank of Japan official stated that they would consider raising interest rates if the economic outlook is realized. The Bloomberg USD index rose slightly, while US Treasury yields increased; after reports over the weekend suggested that tariffs might become more targeted, the index earlier fell by 0.2%, while after the mixed USA PMI data was released, the index had briefly risen by 0.2%. Analyst Lee from Mitsubishi UFJ Financial Conglomerates.
International Netherlands: The Turkish lira faces further risks of decline.
Taborski from ING Groep stated that the Turkish lira faces further declines after the arrest of President Erdogan's main competitor. Taborski noted that the lira is the currency with the most carry trade positions among Emerging Markets, and significant fluctuations could lead to further capital outflows. However, "we should see local Banks providing some Forex support." Erdogan has long held an unorthodox view that high interest rates exacerbate inflation.
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