Detained US pastor in Turkey appeals for release 46min

Traders work on the floor of the NYSE in New York

Eurozone countries run a trade surplus with Turkey but it is small and in the two previous Turkish financial crises since the turn of the millennium, European exporters have been able to divert their business to other markets.

Burak Kanli, chief economist at QNB Finansinvest said, "Structural problems.plus the problem with the U.S., all came together and created a flawless storm".

Businessmen holding US dollars stand in front of a currency exchange office in response to the call of Turkish President Tayyip Erdogan on Turks to sell their dollar and euro savings to support the lira, in Ankara, Aug. 14, 2018.

The country also faces a year-on-year credit deficit if $57bn, or 7 percent of Gross Domestic Product (GDP), and growing unemployment.

Since January, the Turkish lira has lost more than 34 percent of its value against the dollar, pushing up the price of everyday items.

The lira started to stage a recovery on Tuesday following its dramatic two-day collapse.

The United States' top diplomat in Turkey, Jeffrey Hovenier, visited Brunson on Tuesday and called for his case - and those of others detained in Turkey - to be resolved "without delay" and in a "fair and transparent manner".

Erdogan made the comments in retaliation against USA sanctions, which have helped worsen an economic crisis in the country.

On Monday, Erdogan turned his attentions to social media with the announcement that Turkish authorities are investigating 346 accounts that "provoke the currency rate increase", the official news agency Anadolu reported. Unless and until the government takes more stringent actions, they expect the lira to resume its decline in the near future.

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"Erdoğan himself is proving that he's hostile to America, he's hostile to the West, he's hostile to our values", Hull said. The country is, as ever, awkwardly positioned between two ostensibly friendly but imperious powers: the U.S. and Russian Federation. "We should do everything we can to protect ourselves against these attacks".

Turkey's strained relationship with the U.S. has reached a low point with the Brunson affair.

The current crisis was sparked by Ankara's refusal to release pastor Andrew Brunson, who is now under house detention on terror-related charges and espionage.

It's unclear how such a boycott would work, and the State Department said it couldn't confirm "that that is actually going to happen", according to spokesperson Heather Nauert.

While diplomatic tensions rage, the currency rallied for the first time in a week as Turks cashed in dollar savings to take advantage of the huge slump in the local currency. "I don't see how a boycott will help our economy".

Speculators, sensing an opportunity to make a quick profit, have piled into the market, "shorting" the lira and the Turkish stock market, that is, betting that they will fall further.

Finance Minister Berat Albayrak pledged to outline an economic plan and dismissed rumours that the government could impose capital controls. This has raised concerns over the central bank's independence given the president's repeated statements against raising interest rates.

Analysis: Why is Turkey's currency crisis shaking global markets? BBVA is the second-largest private bank in Spain.

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