The Us dollar–Turkish lira falls by 0.69%
The US dollar–Turkish lira currency pair, inversely related to the Turkish lira, fell by 0.69% on October 26, 2015, as the business confidence published by Turkstat (Turkish Statistics Institute) came out above the 100 mark in a sign of optimism. The industrial activity also picked up in October. The currency pair touched a low of 2.879 before closing the day at 2.890. The fall in the currency pair can also be due to the slight fall in the US Dollar Index.
Domestic data mostly positive
The Business confidence rose to 100.5 in October with the retail segment providing the much-needed boost. According to the Turkish Central Bank reports on October 26, 2015, industrial production is also on the rise after continued rise in industrial exports to European countries led by Germany. The quantitative easing program by the European Central Bank has helped raise the demand for goods, was cited as one of the reasons for the rise in industrial production. In contrast, the capacity utilization was seen to drop to 75.5 from 75.9 in September, with durable goods and food products among the major positive contributors to capacity utilization.
Impact on the market
Examining American depository receipts (ADRs) trading in the United States, we see that Turkcell Iletisim Hizmetleri AS (TKC) rose by 0.70%.