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Turkish Lira Drops To Record Low Against U.S. Dollar As Erdogan Wins Runoff Election
(RTTNews) - The Turkish lira dipped against the U.S. dollar on Monday, as Tayyip Erdogan won the country's presidential run-off election on Sunday.
Erdogan attained 52 percent of the vote in the second round of voting, whereas his opponent Kemal Kilicdaroglu got 47.86 percent.
The win gives him another five-year term, extending power until 2028.
The Turkish lira touched a record low of 20.07 against the greenback from yesterday's close of 19.87.
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Turkish Lira Falls To 4-week Low Against U.S. Dollar
The Turkish Lira fell against the U.S. dollar in the New York session on Thursday, despite a 500 basis-point hike by the Turkish central bank.
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U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August
The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by slightly more than previously estimated in the month of August. The report said the consumer sentiment index for August was downwardly revised to 58.2 from the preliminary reading of 58.6.
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Chicago Business Barometer Slumps Much More Than Expected In August
MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.
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U.S. Consumer Prices Increase In Line With Estimates In July
Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.
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German Unemployment Exceeds 3 Mln
Germany's unemployment exceeded the three million-mark for the first time in a decade in August as the prolonged period of subdued economic activity weighed on the labor market. The number of unemployed persons increased by 46,000 from the previous year to 3.025 million in August. However, unemployment fell by adjusted 9,000 compared to the previous month, while it was forecast to increase by 1
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U.S. PCE Price Index Increased In Line With Estimates In July
Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday.
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Slightly Weak Start Seen For U.S. Stocks; PCE Data In Focus
Lower U.S. futures point to a slightly negative start on Wall Street Friday morning.
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Lower Futures Pointing To Weak Start On Bay Street; Canadian GDP, US PCE Data In Focus
Lower Canadian and U.S. futures ahead of Canadian GDP data and U.S. personal consumption expenditure report, point to a weak start on Bay Street Friday morning.
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