Turkish lira firms despite USA warning of more sanctions

Turkey's Move to Double Tariffs on US Goods a 'Step in the Wrong Direction,' White House Says

The dollar index, which measures the greenback against a basket of six major currencies, was up about 0.1 per cent at 96.756, after climbing to a more-than-13-month high at 96.984 in the previous session.

President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Ankara, which says it will not bow to threats, to raise tariffs on USA cars, alcohol and tobacco by the same amount yesterday.

"We got somebody out for him", Trump said, referring to Turkish President Recep Tayyip Erdogan.

The Turkish diplomatic source, who is well-informed on the talks between the two countries, said that in order to stem the economic crisis, the government knows it will have to solve the diplomatic crisis with the USA, but has struggled to negotiate a workable deal.

Last week, Washington doubled steel and aluminum tariffs on Turkey over its continued detention of the USA pastor Andrew Brunson.

Turkey's currency nosedived last week after Mr Trump doubled tariffs on Turkey's steel and aluminium exports to 50% and 20% respectively.

His words came shortly after the high court in Turkey rejected the pastor's appeal for release.

The selling has also deepened concerns about the broader economy, particularly Turkey's dependence on energy imports and whether foreign-currency debt poses a risk to banks.

More news: Geoffrey Boycott slams 'brainless' and 'arrogant' India ahead of third England Test

Brunson is being held on terrorism charges, which he denies. We are not going to take it sitting down. Trump, who counts evangelical Christians among his core supporters, has increasingly championed the pastor's case.

The issue has led to a dramatic souring of U.S. -Turkey relations.

Investors said Albayrak's conference call would test whether Turkey can persuade markets that its monetary policy is not hostage to political influence. "So, we haven't seen the last of that".

The court's decision came as Turkey and the United States exchanged new threats of sanctions, keeping alive a diplomatic and financial crisis that is threatening the economic stability of the North Atlantic Treaty Organisation country.

Albayrak, a 40-year-old former company executive with a doctorate in finance, said Turkey would not hesitate to provide support to the banking sector.

Qatar has pledged to channel $15bn of direct investment into Turkey, a sign of burgeoning ties between the two countries.

Erdogan has remained defiant, urging Turks to sell their gold and dollars for lira and describing the crisis as an "economic war".

Some emerging market countries pared their holdings of US Treasuries in June, data from the US Treasury department showed on Wednesday, in what analysts viewed as a move to support their currencies as the Federal Reserve started raising interest rates this year.

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