Wells Fargo’s USD/TL forecast surprises

Wells Fargo

Wells Fargo surprised with its Dollar/TL analysis in its international economic outlook report for 2024. The bank believes that USD/TL will decline starting from the second quarter of 2024.

While it is evaluated that there will be a moderate increase in the USD/TL exchange rate over the coming periods despite the analyzes that the TL will appreciate in the markets, a different interpretation came from Wells Fargo.

In its international economic outlook report for 2024, the bank also mentioned the exchange rates and predicted that the USD/TL exchange rate would decline.In the report dated January 22, prepared by bank economists Nick Bennenbroek, Brendan McKenna and Anna Stein, it was predicted that the USD/TL will rise to 31 in the first quarter of 2024 and decline to 30.50 in the second quarter of the year. The bank predicted that this momentum in the dollar/TL will continue in the following quarters.

According to the report prepared by the bank, the exchange rate is expected to fall to 30 in the third quarter of the year and to 29.50 in the last quarter. The bank predicted that the exchange rate would be 29 in the first quarter of 2025 and 28.50 in the second quarter.

In the bank’s global analysis of the dollar, the forecast that the dollar will lose value in 2024 attracted attention. The bank’s analysis is that the US dollar will continue to depreciate in general as 2024 progresses.

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