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.

Related News:

Most liked

Pentagon: China building bombers, training pilots for missions against U.S.
China claims the waters by right, despite a United Nations ruling in 2016 deciding the disputed region does not belong to China. The document warns that China "is likely preparing for a contingency to unify Taiwan with China by force".

Tesla shares sink after analysts warn on Model 3 margins, Musk interview
Tesla and Musk have since been subpoenaed, and they're said to be meeting with the SEC soon, according to the Times . Beyond the use of Ambien, board members are also reportedly concerned over his occasional recreational drug use.

Mourinho and Pogba hit out at each other in latest bust up
Pogba will remain captain as the Red Devils travel to the Falmer Stadium, England on Sunday to face Brighton and Hove Albion. It is the latest problem between two men who have grown increasingly distant in the a year ago .

Verizon 5G Home Internet Service Coming to Indianapolis
In June, 3GPP, the global wireless standards body, signed off on the standalone 5G New Radio specification. Details of the YouTube TV offer will be announced when 5G residential broadband service goes on sale.

40 children killed in Yemen bus strike: new Red Cross toll
Yemen's rebel-run Al Masirah TV aired footage of injured children weeping as blood streamed down their faces. The US State Department urged the alliance to "conduct a thorough and transparent investigation".

Tropical Storm Lane expected to become hurricane by Friday
Ernesto will soon be moving into much cooler waters and an area of stronger wind shear. Ernesto will be picked up by the mid-latitude westerlies as it heads towards Britain.

British tennis body to vote against controversial Davis Cup reform
The 118-year-old event is one of the world's largest global team competitions, with 132 nations taking part in the tournament in 2018.

Looks Like You Can’t Buy Monster Hunter
Tencent said customers who purchased Monster Hunter: World were entitled to a full refund until August 20. Revenues for PC games were flat from a year ago, but Tencent had two major hit games on its portfolio.

Trump's military parade could cost more than $90 million
Rohan, issued a statement that said the parade money would be better spent on funding the Department of Veterans Affairs. The Defense Department says the Veterans Day military parade ordered up by President Donald Trump won't happen in 2018.

Multiple suspected synthetic cannabis overdoses at park by Yale University
They can be anywhere from 2 to 100 times more potent than THC, the psychoactive ingredient in marijuana, researchers have said. Passersby watch in horror as first responders race to treat dozens of people sickened by synthetic marijuana in CT .

Tributes pour in for 'Queen of Soul' Aretha Franklin
The teenage Aretha cuts loose in the '50s, revving up a raucous congregation at her father's New Bethel Baptist Church in Detroit. "She will be missed but the memory of her greatness as a musician and a fine human being will live with us forever".

John Elway: Colin Kaepernick Had His Chance To Join Broncos In 2016
And I said in my deposition, and I don't know legally if I'm able to say this, but he had his chance to be here. Elway is now saying that Kaepernick was responsible for the deal not going through.

Marvel's Iron Fist season 2 trailer: Danny Rand battles Steel Serpent
Which only gets worse when old friend and fellow student Davos ( Sacha Dhawan ) re-enters his life, now with the ability to steal some of Danny's power and have his own glowing fist.

Afghanistan: Gunmen attack spy training center in Kabul
He did not say if all the victims were students and whether any of their teachers were also among the casualties. Islamic State , which has carried out previous attacks on Shi'ites in Kabul , has claimed responsibility.

Manchester City mock Jose Mourinho as a defensive coach in Amazon documentary
De Bruyne had just returned to training August 6 after helping Belgium to the semifinals of the World Cup in Russian Federation . In 2016, he missed 12 games after injuring his right knee during an EFL Cup semi-final victory over Everton .