Weekly overview: Ankara in control of the country and economy

The Turkish lira kept some balance, with the dollar down 2.75% at 2.9360 and reversing much of the gains it made on Friday when its highest was around 3.0476.

Ankara commented that it was in control of the economy and the country. The crackdown on suspected supporters of the failed military coup was widened, taking the number of people rounded up from the armed forces and judiciary to 6,000.

The systems and operations of Borsa İstanbul, Istanbul Custody and Settlement Bank, Central Registry Agency together with all the stakeholders are functioning without any interruption and problem. On Monday 18 July 2016 Borsa İstanbul’s activities and duties will be performed as usual.

Investors’ first reaction of the coup had been to bid up safe havens, Japanese yen for example, but that didn’t last long, for the dollar was at 105.50 yen and as low as 104.63 on Friday, a trade thinned by a Japanese holiday.

The euro was steady at $1.1068.

The domestic inflation data marked a gentle rise of 0.4% in the year to June, the market narrowed the odds on a cut in rates from the Reserve Bank in New Zealand, making the NZ dollar slid half a U.S. cent to $0.7086.

Oil prices went a bit higher, with Brent crude up 19 cents at $47.80 a barrel.

Gold eased to $1,328.16 per ounce.

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