President Erdogan: US has dollars, 'we have our God'

Lira's value has dropped amid growing concerns about Mr Erdogan's expanding powers

The Turkish lira has updated a record low against the U.S. dollar after a delegation from Ankara left Washington without a solution to a diplomatic conflict over the arrest of an American pastor in Turkey.

The Lira booked a new record low against the Dollar as talks in Washington aimed at working through fresh sanctions failed and markets showed nerves ahead of an impending announcement on a "new economic model" which hints at more government interference in the economy.

Speaking to supporters in the Black Sea province of Rize late on Thursday, Erdogan brushed off concerns over the currency as campaigns against Turkey.

Turkish President Recep Tayyip Erdogan has lashed out against a shadowy global "interest rate lobby" which he suggested was "campaigning" to harm Turkey's economy, after the lira fell more than 14 percent overnight.

"It's been a double whammy for the lira", said Rodrigo Catril, a senior currency strategist at National Australia Bank in Sydney, referring to the tensions with the United States and the Financial Times report. "And without measures to address its inflation problem, TRY will likely remain under pressure", adds Patel.

President Erdogan made his comments while addressing supporters in Rize
Image President Erdogan made his comments while addressing supporters in Rize

"It seems highly unlikely that Erdogan will perform a dramatic U-turn on his monetary policy stance", Cheetham said.

Meanwhile, Turkish Treasury and Finance Minister Berat Albayrak is expected to present a new economic development doctrine for the country on Friday.

The Turkish economy has expanded rapidly this year compared with 2017.

Investors are now awaiting the release of the US consumer price inflation for July for clues on the interest rate outlook and to gauge if new import tariffs were starting to have an impact. "Due to the foreign debts of companies and banks and the current account deficit, there is a great need for foreign capital". "Selling more elsewhere would offset some of the hypothetical decline in eurozone exports to Turkey".

Obviously a real Turkish crisis would have knock-on effects, though Berenberg sees Europe's exposure to Turkish banks as being too small to cause much harm.

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