Dollar hovers near 13-month peak on concerns over lira

Turkish President Recep Tayyip Erdogan

"We will protect the lira, we will march with the lira and the lira will strengthen greatly in the coming period", he told members of President Tayyip Erdogan's AK Party.

Turkey's crisis has been sparked by a series of issues, including a faltering economy - the central bank has defied market calls for rate hikes - and tensions with the United States, which has hit Ankara with sanctions over its detention of an American pastor.

The dollar held firm near a 13-month high against a basket of major currencies on Wednesday after safe-haven demand on fears over fallout from the Turkish lira's recent drop boosted the United States currency.

The United States on Wednesday ruled out removing steel tariffs that have contributed to a currency crisis in Turkey even if Ankara frees a us pastor, as Qatar pledged $15-billion in investment to Turkey, supporting a rise in the Turkish lira.

Investors are anxious not only about Turkey's souring relations with the USA, a longtime North Atlantic Treaty Organisation ally, but also Erdogan's economic policies and the country's high debt accumulated in foreign currencies.

Investors slowly edged back into buying mode but they are keeping a nervous eye on developments in Ankara after Monday's bloodletting that saw the lira hit record lows against the dollar and euro, and equity markets go into freefall on concerns Turkey's financial crisis could spread globally.

U.S. national security adviser John Bolton on Monday met Turkey's ambassador to the United States to discuss Brunson's detention. Independent economists say Erdogan should let the central bank raise interest rates to support the currency, but he wants low rates to keep the economic growth going.

TUSIAD, the Turkish Industry and Business Association, and TOBB, the Union of Chambers and Commodity Exchanges of Turkey, urged "diplomatic efforts to urgently resolve the problems in the US-Turkey relationship", according to a report in The Financial Times.

The finance chief, Berat Albayrak is due to address hundreds of foreign investors on Thursday in a teleconference, the state-run Anadolu Agency said.

Bob Zimmer: Sir John A. Macdonald's legacy must stand, warts and all
Ontario Tourism Minister Sylvia Jones said Monday the province would be happy to have the statue of Sir John A. A plaque placed at the statue's former home, explaining the monument's removal, has since been vandalized.

"Iron Fist" Season 2 Highlights A Familiar Foe In New Trailer
Marvel has been even more tight-lipped than usual about what shape the Iron Fist Season 2 story might take. It'll be up to Metzner to right the ship.

Petr Cech will start for Arsenal against Chelsea, Unai Emery confirms
His linkup play with Aubameyang was a treat to watch as the Gunners tried to pave their way back into the game on Sunday. We have to stay positive, work on the things we did well and improve on the rest.

The White House stance appeared to give Turkish authorities little incentive to work for the release of Andrew Brunson, a pastor on trial in Turkey on terrorism charges and whose case Turkish officials have said was a matter for the courts. An upper court had yet to rule on the appeal, his lawyer told Reuters.

"However, within a few months Western banks that have strong ties with Turkey will feel the impact of the crisis as Turkish corporates will struggle to repay debt in foreign currency".

Independent economists caution it would be hard to unseat the dollar as the top reserve currency as it is used widely in the global economy, for example to trade in oil and for commercial deals.

Erdogan also has called on people to exchange their USA dollars for Turkish lira to help strengthen the exchange value of the country's currency.

It is noted that this decision was taken in response to U.S. sanctions.

Last week Trump said he was doubling tariffs on metal imports.

"The Turkish lira has finally found some support after two days of intense selling that triggered panic across the markets", said Fawad Razaqzada, market analyst at Forex.com, adding that the lira had clawed back most of the previous day's losses. "I have a 16-year-old daughter".

"We (also) have our Venus and Vestel", he said about homegrown Turkish electronics brands. "That's why we are directly impacted in an extreme way".

Related News:

  • Women Say They Were Denied Jobs Because They Had ‘Ghetto’ Names

    Women Say They Were Denied Jobs Because They Had ‘Ghetto’ Names

    Robinson, meanwhile, told The Post Wednesday that she's still reeling from the pure hatred exposed in the hacked message. Louis County's cyber crime division, and that he was waiting for Indeed.com to provide the IP address of the hacker.
    Queen of Soul Aretha Franklin has died

    Queen of Soul Aretha Franklin has died

    Singer Aretha Franklin performs during a concert at Madison Square Garden on June 28, 1968 in New York City, New York. She received our nation's greatest honor in 2005 when she was presented with the Presidential Medal of Freedom.
    Cryptocurrency Theft Triggers $224M Lawsuit Against AT&T

    Cryptocurrency Theft Triggers $224M Lawsuit Against AT&T

    SIM stands for subscriber identification module, and SIM cards are used to authenticate subscribers on mobile phones. Terpin claims that after the initial breach, he was promised "the highest level of security for his account".
  • India to send manned mission to space by 2022: Modi

    India to send manned mission to space by 2022: Modi

    Lalithambika, a specialist in advanced launcher technologies, will helm the project as Director of the Human Space Flight Project. India's space programme, under policies set by its earliest architects, had for decades focused on ground applications of space.
    Report claims China printing Indian currency, govt denies

    Report claims China printing Indian currency, govt denies

    The Reserve Bank of India has time and again asserted that the country's currency gets printed only within India . The BRI focuses on improving connectivity and cooperation among Asian countries, Africa, China and Europe .
    USA  newspapers unite against Donald Trump's 'fake news' rhetoric

    USA newspapers unite against Donald Trump's 'fake news' rhetoric

    For some, including Mr Trump, it will feed the narrative that there is a partisan war between the press and the president. They purposely cause great division & distrust. "THE FAKE NEWS MEDIA IS THE OPPOSITION PARTY", he tweeted.
  • PROGRESSIVE PARADISE? San Francisco Creates $750,000 'POOP PATROL' to Fight Feces

    PROGRESSIVE PARADISE? San Francisco Creates $750,000 'POOP PATROL' to Fight Feces

    Another person wanted to know: "How much would you have to make to do this job?" Breed said the problem has been getting worse. Homeless people are also using the Pit Stops for purposes other than the original intent. "Oh good grief ", read one comment.
    FDA issues voluntary recall for two thyroid medications

    FDA issues voluntary recall for two thyroid medications

    The FDA statement says that Westminster Pharmaceuticals has been recalling all lots of the said tablets within their expiry dates. The recall affects both medications in their tablet form, which come in 15 mg, 30 mg, 60 mg, 90 mg and 120 mg dosages.

    Man arrested after overdoses at downtown city park

    Connecticut Public Radio 's Diane Orson reports that at least one person has been arrested in connection with the case. Synthetic cannabinoids can be smoked or vaporized in e-cigarettes, and range in price from mildly low-cost to cheap.
  • FDA Approves First Mobile App for Use in Preventing Pregnancy

    FDA Approves First Mobile App for Use in Preventing Pregnancy

    Even though Natural Cycles claims to be an effective contraceptive, it's not 100 percent fool-proof when used by itself. During clinical trials the app had a "perfect use" failure rate of 1.8%.

    Novak Djokovic, Roger Federer divided on length of tennis matches

    Williams lost to Johanna Konta 6-1, 6-0 in San Jose, California, before withdrawing from last week's Rogers Cup in Montreal. Two-time Cincinnati semi-finalist Milos Raonic advanced with a 6-3, 6-3 win over qualifier Dusan Lajovic.
    Fortnite Patch v5.21 Released; Adds New Sniper, Modes, and More

    Fortnite Patch v5.21 Released; Adds New Sniper, Modes, and More

    As far as the Battle Royale aspect of Fortnite is concerned, Epic Games has introduced a new Soaring 50's limited time mode. Fortnite is available on PlayStation 4, Xbox One, Windows PC, and Nintendo Switch, as well as iOS and Android devices.


Most liked

Italian motorway operators’ shares plummet after deadly bridge collapse
Rescuers searched overnight for survivors through tons of concrete and steel under the shattered structure of the Morandi Bridge. Some of the wreckage landed in a dry riverbed that could flood when the rainy season resumes in a few weeks.

Here are the best hospitals in SC, according to new U.S
News & World Report's rankings of best regional hospitals, knocking Kaiser Permanente Roseville Medical Center off the list. Carmichael's Mercy San Juan Medical Center and Sutter Roseville Medical Center claimed spots this year on U.S.

Comcast expands internet program to veterans
The expansion could make as many as 32,000 low-income veterans in New England eligible for the program, the company said. A program that gives low-income families affordable access to the internet is expanding.

Trump says his steel tariffs will save the US industry
According to the Journal, Trump said "our steel industry is one of the talks of the world" and that the industry is "booming". Critics also point to the bigger losses that have resulted from retaliatory tariffs by trading partners.

Johnny Depp claims ex Amber Heard left 'Revenge Poo' in marital bed
Amber and Johnny split back in 2016 following a four-year relationship. 'It was an innocent thing, it's what pets will do. She rescinded the request for a restraining order when their divorce was settled.

Perseid Meteor Show Wows Skywatchers with Celestial Fireworks
A meteor streaks through the sky during the Perseid meteor shower above the village of Hajnacka in Slovakia, Aug. 13, 2018. It takes 133 years to ellipse the Sun and this is the first year it has passed into the inner solar system since 1991.

Elon Musk Wants to Take Angelenos Out to the Ball Game
Along the line of the tunnel, six ventilation/exit shafts will be constructed on private property, the company says. The firm said it is also working with several L.A. city agencies and drafting an environmental impact report.

Keith Hernandez supports drilling Acuna: 'You've got to hit him'
Acuna had hit leadoff homers in his three previous games, all against the Marlins, including a doubleheader Monday. Snitker and Ureña were then ejected from the game and Elieser Hernandez entered in Ureña's place.

Emergency warning issued for out-of-control bushfire in NSW
That contingent is helping to co-ordinate responses to huge blazes that continue to burn in California and other U.S. states. Although the Clarence Valley fire at Bristol Arms Road is burning close to some properties, they are not now under threat.

It's Officially Official: James Gunn Won't Be Returning For GUARDIANS 3
Gunn was let go from the project almost a month ago when dozens of Gunn's tweets from almost a decade ago came to light. Variety's sources say the meeting was "civil and professional" and Horn "stood by his decision".

Watch James Corden Carry Ariana Grande Into Starbucks on ‘Carpool Karaoke’
Apparently, they mostly revolve around her being secretly knocked up. "People really want me to be pregnant", Grande said. Grande surprised Corden again later on when they both realized Little Shop of Horrors was their dream Broadway show.

TLS 1.3 Final published: better security and speed
Now the protocol is now officially complete, that should clear the way for its deployment on websites and browsers. Nonetheless, exploits like the Heartbleed vulnerability are no longer an issue now that TLS 1 .3 is live.

Nasa’s Parker Solar Probe spacecraft launches successfully ZlotoNews
The project, with a $1.5 billion price tag, is the first major mission under NASA's Living With a Star programme. Only the electric field antennas and a small plasma detector will courageous direct illumination from the Sun.

Turkey is prepare to Discuss Issues With U.S. Without Threats
He said the Assad government has a right to defend itself against opposition attacks and Moscow will support those operations. Russian Federation backed Erdogan in urging countries to do business in their own national currencies rather than dollars.

Lionel Messi: Barcelona star reveals major regret from last season
Reflecting on his appearance alongside five-time Ballon d'Or victor Messi, Malcom said: "I have no words to define it". The Argentinian has also admitted the Champions League disappointment outweighed the joy of winning the double.