The COVID-19 shows a stable trend prior to July 1, when the new normalization measures will start. The number of daily coronavirus cases totaled 5,283 and the death toll reached 58 in the last 24 hours.
However, increasing number of delta variant of the COVID-19 raises concerns across the world as it spreads faster than other mutants. Dr. Ugur Sahin, one of founders of BioNTech said the delta variant would trigger the fourth wave in the world and BioNTech Pfizer vaccine is effective on this variant. Health Minister Fahrettin Koca also stated last week that 134 cases of the Delta variant were confirmed in 16 provinces.
As part of measures against the COVID-19 pandemic, Turkey suspended flights from Bangladesh, Brazil, South Africa, India, Nepal, and Sri Lanka as of July 1 and until further notice according to the circular issued by the Interior Ministry. The Delta variant has been seen in India for the first time.
On the money market side, USD/TRY, which started the week with decrease and saw below 8.70, is traded at 8.69-8.70 this morning while EUR/TRY hovers around 10.35-10.38. The interest rate of the U.S. Treasury bonds was withdrawn from 1.52% to 1.47% and this affected USD/TRY to decline.
Oil prices have declined for two successive days with the concerns that Delta variant can pave the way for travel restrictions and that this can slowdown growth in fuel demand. Brent crude dropped by 0.35% to USD 74.42 per barrel.
Gold prices have declined due to the pressure of strengthening USD and Federal Reserve’s monetary policy tightening earlier than expected. Spot gold is traded at USD 1,776.
The Economic Confidence Index rose by 5.6% to 97.8 in June, compared to the previous month, according to the Turkish Statistical Institute (TurkStat).
The legislative proposal about the Machinery and Chemical Industry Incorporation will continue to be discussed at the Parliament’s Committee on National Defense.
Leave a Reply