The signs of economic recovery in the United States are growing stronger, with better-than-expected growth and employment data. The US recovery, however, is upsetting the balances of emerging economies, including Turkey.
Most recently, the US non-farm payrolls were announced on Oct 3. Employers added 248,000 jobs in September, beating the forecast of 215,000. The jobless rate fell to a six-year low of 5.9%. The signals of fast recovery in the United States have stoked concern in emerging-economy countries that the Federal Reserve could hike rates sooner than expected. These fears have had an immediate impact on foreign exchange rates. In Turkey, the dollar jumped from about 2.26 to 2.31 Turkish lira, its highest value since Jan. 31.