Turkish lira steady despite new threats from Trump

17 August, 2018, 16:44 | Author: Salvatore Jensen
  • US tariffs to remain even if pastor freed WH

Efforts to rally support and bolster domestic markets included a call Thursday between Turkish Finance Minister Berat Albayrak and worldwide investors.

The lira has staged a small recovery but that is threatened by a fresh tweet from US President Donald Trump.

China's Foreign Ministry said Turkey can "overcome" the economic problems.

China isn't the only country the U.S. has a rocky relationship with - Turkey is causing a few headaches for United States leaders as well.

"They are squeezing lira liquidity out of the system now and pushing interest rates higher", Cristian Maggio, head of emerging markets strategy at TD Securities, said.

If it were all USA -dollar-denominated, that foreign debt represented about two trillion lira a month ago; today, thanks to depreciation, it's more like three trillion.

President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Turkey, which says it will not bow to threats, to raise tariffs on USA cars, alcohol and tobacco by the same amount on Wednesday. Turkey's sovereign dollar bonds extended their gains.

All the while, the lira has plummeted - even reaching a record low against the USA dollar early Monday before managing modest rallies in the following days.

Investors have been pulling out of Turkey's markets, sending its stock market and currency plunging. Ratings agency S&P Global Ratings is also scheduled to release a review of Turkey's sovereign credit rating after the market closes on Friday. The banks were capable of managing the volatility, and there had been no major flow of cash out of deposits lately, he added. But his father-in-law's opposition to higher interest rates may complicate that quest. "He said capital controls weren't part of the agenda, and never will be".

Economists gave Albayrak's presentation a qualified welcome and the lira initially found some support, helped by Qatar's pledge to invest $15 billion (£11.8 billion) in Turkey. "This is regrettable and a step in the wrong direction".

Mr Erdogan responded on Tuesday by announcing that his country will boycott US-made electronic goods such as iPhones and will buy Korean Samsung or Turkish-made Vestel instead.

The spokesman also confirmed that Scholz had invited Albayrak for talks to Berlin in the second half of September.

He asked Mnuchin for an update on sanctions punishing Turkey for pastor Andrew Brunson's detention.

That case has increased speculation that the bank itself could be fined for sanctions-busting. "We are not expecting any fines on Halkbank for sure", he said. So what Trump did was undermine confidence in Turkey when it needed it most, and effectively helped to push the lira down even further.

Last week, the United States doubled its tariffs on metal imports from Turkey.

He later tweeted that the Protestant clergyman, who has been detained since 2016 when he was arrested in a government crackdown following a failed coup bid, was a "great patriot" being held "hostage".

The two North Atlantic Treaty Organisation allies are at an impasse regarding the detention of an American pastor, differing views on Syria, and Turkey's purchase of Russian military equipment.

The lira had nosedived in recent weeks, hitting a record low of 7.24 this week, as investors anxious about fundamental economic problems in the country and a diplomatic and trade dispute with the United States.

However, Turks appeared not to be heeding his appeal.

Despite that, foreign currency deposits held by local investors rose to $159.9 billion (£125.8 billion) in the week to August 10, from $158.6 billion (£124.8 billion) a week earlier, central bank data showed on Thursday.

United States gold futures were down 1.1 per cent at $1,172.7 an ounce.


  • Trump connects revoking Brennan's security clearance to Russian Federation  investigation

    Trump connects revoking Brennan's security clearance to Russian Federation investigation

    Add Republican Party as an interest to stay up to date on the latest Republican Party news, video, and analysis from ABC News. UPDATE: After tweeting about Brennan and Blumenthal, Trump followed it up with more direct from Fox News quotes.
    Peter Strzok Fired, Already Has More Than $40K on GoFundMe

    Peter Strzok Fired, Already Has More Than $40K on GoFundMe

    During a recent monologue, Todd Starnes was glad Strzok was finally fired, but wondered why it took so long to happen. Francis Rooney, R-Fla., wished for a "purge" of Justice Department officials who don't like President Donald Trump .
    Firefighter dies battling Northern California's Mendocino Complex blaze

    Firefighter dies battling Northern California's Mendocino Complex blaze

    The fire has led to three deaths, destroyed almost 1,600 structures including 1,077 homes, and threatened 528 other structures. Yosemite National Park will reopen Tuesday, 14 days after a wildfire choked the park with smoke at the peak of tourist season.
  • Videos show the shocking aftermath of the Genoa bridge collapse

    Videos show the shocking aftermath of the Genoa bridge collapse

    Speaking to journalists as he visited the site, Conte warned the death toll may rise in the northern Italian port city of Genoa . Interior Minister Matteo Salvini promised that anyone found to be responsible for the bridge collapse would be held to account.
    Secret audio? In Trump world, there’s always a tape

    Secret audio? In Trump world, there’s always a tape

    The controversy has also raised questions over whether she could face legal repercussions for recording in the situation room. She has faced accusations of hypocrisy and cashing in, given that she didn't speak out against Trump while working for him.
    Best meteor shower of 2018 takes place over Ireland tonight

    Best meteor shower of 2018 takes place over Ireland tonight

    The meteor shower will peak overnight into Monday, with 70 meteors visible each hour, according to the Royal Astronomical Society. But no matter if the clouds or smoke clear, "you still need to get away from the light pollution of cities", Meteorologist M.J.
  • Liverpool thrash big-spending West Ham

    Liverpool thrash big-spending West Ham

    Keita played a key role in Liverpool's convincing 4-0 demolition of West Ham on Sunday, and impressed his boss . The 35-year-old midfielder is now a free agent after being released by the reigning Premier League champions.
    Defense Team Rests in Paul Manafort Case

    Defense Team Rests in Paul Manafort Case

    Defense rests case without calling any witnesses; Catherine Herridge reports on the court proceedings. Team Manafort had argued that the government did not present "substantial evidence that Mr.
    4 things Arsenal must do to defeat Manchester City

    4 things Arsenal must do to defeat Manchester City

    Manchester City were the runaway Champions last season as they finished with an extraordinary tally of 100 points. Every supporter wants to do their best and of course, winning the Community Shield this week was so good.
  • Download this app, win 27 Samsung Galaxy Note 9 devices in Dubai

    Download this app, win 27 Samsung Galaxy Note 9 devices in Dubai

    Samsung "hopes" the Galaxy Note 9 will sell better than the Galaxy Note 8 , thanks to the phone's top-end specifications. Samsung also previewed a new voice-assisted speaker, the Galaxy Home , using its homegrown digital assistant, Bixby.
    Broncos Make Back-Up Quarterback Change

    Broncos Make Back-Up Quarterback Change

    You have to be ready to go out there and get the results that you need, so I rate that a little bit higher. At one point after Kelly's first TD pass the crowd could be heard chanting " Kelly, Kelly ".
    Solar Eclipse Partial solar eclipse in India on August 11

    Solar Eclipse Partial solar eclipse in India on August 11

    Is it safe to see the partial solar eclipse? The alternatives are the fields of Greenland and Northern Russia. In addition, the solar Eclipse causes the people and animals anxiety, can develop a state of inner dissonance.


US Threatens More Sanctions Against Turkey Over Jailed Pastor
United Kingdom -based online travel agent Travel Republic says bookings to Turkey increased by 21 percent in the last three days. In response, Turkey raised tariffs on several US-made goods , including alcohol and tobacco products and vehicles.

Woman's incredible journey for a new face
After a 31-hour procedure, Katie Stubblefield emerged from an operation room past year with a new face and new possibilities. Schneider was a registered organ donor, but it was her mother, Sandra, who reportedly approved of the transplant.

Body believed to be missing pregnant woman from Frederick recovered
He told The Denver Channel he wanted his wife and children back, adding they were "his life" and their "smiles light up my life". In an interview with KMGH-TV, Watts said his wife's purse, keys and phone were all left at home before she went missing.

Survey Names Vienna As The 'Most Liveable' City In The World
At the other end of the table, Damascus retained last place, followed by the Bangladeshi capital Dhaka, and Lagos in Nigeria. According to the survey, major finance cities like London and New York City are victims of their own success.

Afghan officials, Taliban both claim city
Washington has held preliminary talks with the insurgents in an attempt to find a negotiated end to Afghanistan's protracted war. The Taliban say they met with Alice Wells, the top US diplomat for South Asia, in Qatar last month for preliminary talks.

Trump signs $716 bn defense policy bill with watered-down China measures
The 2019 bill, which President Trump signed on Monday, includes $716 billion in funding for the armed forces and related programs. Earlier Trump tweeted that he was "looking forward" to talking to America's "great heroes" and signing H.R. 515, the " John S.

Beyoncé Dedicates Detroit Concert to Ailing Aretha Franklin
She is also surrounded by her family and friends according to United States media. "I spoke with her family members this evening". "She was telling me she rides around the city every now and then - she talks about how attractive it is again", Fakir said.

Last-minute technical problem delays Nasa’s flight to sun
Parker said he was "impressed" by the Parker Solar Probe , calling it "a very complex machine". But Earth's star has secrets that scientists have been trying to figure out for decades!

Mexico NAFTA talks drag on as autos sticking points emerge
Trump slapped Canada and other allies with steel and aluminum duties, which led to retaliatory levies from Ottawa. He said this could take place in "the next few days or weeks".

Aretha Franklin Is Reportedly In 'Gravely Ill' Condition
He added that she was previously diagnosed with cancer in 2010, but had "bravely battled back" from this. As a child, Franklin began singing gospel at New Bethel Baptist Church in Detroit , where her father, C.