Calm Start to the Week: Turkish Lira Holds Ground as Global Markets Await Key Data – October 21, 2025

The foreign exchange market opened this Tuesday, October 21, 2025, with limited volatility as global investors adopt a cautious tone ahead of key macroeconomic indicators from both the United States and the Eurozone. The Turkish lira, after last week’s slight depreciation, starts the day in a relatively balanced position.

The EUR/USD pair is trading at 1.1566, showing a minor pullback from the previous session. The dollar’s mild strength continues to reflect growing expectations that the Federal Reserve might maintain higher interest rates for a longer period, as inflation indicators in the U.S. remain above comfort levels.

Meanwhile, the USD/TRY pair opened at 41.6556, keeping the lira slightly firm compared to the recent highs seen earlier this month. Turkish investors are now focusing on the upcoming Central Bank of Turkey’s (CBRT) policy meeting, where the main policy rate is expected to remain unchanged at its current restrictive level.

The EUR/TRY rate, standing at 48.3361, mirrors both euro strength and lira stability. In the Eurozone, market attention is on upcoming manufacturing and consumer confidence data. Any sign of economic recovery could bring moderate support to the euro against both the dollar and the lira.

The GBP/TRY pair is seen at 55.4778, marking a slightly softer tone compared to last week’s levels. The British pound’s limited movement reflects a quieter week in the UK market, with traders awaiting fresh inflation figures later in the week.

Finally, RUB/TRY remains unchanged at 0.4800, as the Russian ruble continues to show low volatility amid stable energy prices and limited trade volume.

Overall, the 21st of October 2025 opens with calm trading conditions, where investors appear to be in a “wait-and-see” mode ahead of significant economic releases. The Turkish lira’s ability to remain stable amid global uncertainty continues to be a key focus for domestic and international market participants alike.