Published: Fri, August 17, 2018
Money | By Michele Stevens

Dollar weakens to under ¥110.80 in Tokyo amid tensions with Turkey

Dollar weakens to under ¥110.80 in Tokyo amid tensions with Turkey

In an address in the Turkish capital Ankara, Mr Erdogan insisted his nation's economy was strong and said the currency would soon settle "at the most reasonable level". Ratings agency Standard & Poor's is also scheduled to release a review of Turkey's sovereign credit rating after the market close on Friday.

The official says Turkey missed a big opportunity to bring about an end to the tensions over Brunson's imprisonment, which has sparked USA economic sanctions on Turkey.

On Tuesday, Erdogan called for a boycott of USA electronics products, and his spokesperson described American policy as goading Turkey into an "economic war".

After more than a year behind bars, he was put on house arrest.

"You now have another huge selloff in EM, which has been exacerbated by Trump's willingness to jam on more and more sanctions when countries are having trouble in the market - like adding to the sanctions on Turkey", Haidar said.

"We suspect that there are diminishing marginal returns to additional technical measures so long as they are not accompanied by a fundamentally-oriented policy package".

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

The Russian foreign minister claims that the US increased use of sanctions will erode the dollar's role as the top reserve currency.

The lira lost strength after Mr Mnuchin's remarks.

The latest blow was sparked by sanctions imposed on Turkey by the Trump administration over the detention of Pastor Andrew Brunson, who was jailed for allegedly supporting a group that Ankara blames for an attempted coup in 2016. On Tuesday, he said Turkey would boycott United States electronic products.

Meanwhile, Turkish courts have moved to defuse other legal cases that have irritated relations with the EU.

The decision came after Qatar's emir, Sheikh Tamim bin Hamad Al Thani, met with Turkish president Recep Tayyip Erdogan in Ankara.

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Kalin said the German and French leaders told Erdogan that "they were also suffering and that they were also complaining about" U.S. President Donald Trump's administration's tendency to "use trade, dollars, taxes as weapons".

Trump also said regarding Turkey that "they have not proven to be a good friend" to the United States.

Much of the early action was in currencies with the euro gapping lower as the Turkish lira took another slide to all-time lows around 7.24.

However, the central bank has defied calls from markets for rate hikes, raising concerns of interference from Mr Erdogan who is on record as describing himself as an "enemy" of higher interest rates.

Kenningham noted Turkey's annual gross domestic product of around $900 billion was just 1% of the global economy and slightly smaller than the Netherlands.

The Turkish currency began to recover after authorities this week took steps to help bank liquidity.

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Erdogan and his French counterpart Emmanuel Macron agreed in a phone call Thursday to foster trade ties, a Turkish presidential source said.

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