July 30, 2019 / 7:00 AM / 21 days ago

Turkish lira firms ahead of expected Fed cut, upbeat inflation report

ISTANBUL, July 30 (Reuters) - Turkey’s lira firmed on Tuesday to its strongest level since July 5, ahead of an expected interest rate cut on Wednesday by the U.S. Federal Reserve and an upbeat inflation report by the Turkish central bank.

The lira stood at 5.5990 against the dollar at 0642 GMT, firming more than 0.25% from the closing price of 5.6140 on Monday, when it firmed some 1%. The currency, which was hit by a crisis last year, has risen the last four trading days.

Turkish Finance Minister Berat Albayrak is set to hold a press conference in Ankara later on Tuesday.

On Wednesday, the Fed is expected to cut rates for the first time since the depths of the financial crisis in 2008, and that has had the effect of depressing the dollar and lifting emerging market currencies like the lira.

Investors are also eyeing a possible revision to Turkey’s inflation outlook on Wednesday, as well as guidance on monetary policy going forward, after Turkey’s central bank slashed rates last week.

It will be the first inflation report by new central bank governor Murat Uysal, who took over the position after President Tayyip Erdogan sacked former governor Murat Cetinkaya some three weeks ago.

Reporting by Ali Kucukgocmen; Editing by Jonathan Spicer

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