Thursday, 15 November, 2018

Turkish lira plummets against dollar

President Erdogan right and Hulusi Akar chief of the general staff visiting a military post on the Turkish Syrian border last month President Erdogan right and Hulusi Akar chief of the general staff visiting a military post on the Turkish Syrian border last monthReuters
Lora Ball | 24 May, 2018, 17:31

The Turkish currency lost 20 percent value against the dollar this year.

Currency volatility was not in line with the country's economic realities, he added.

By 22:40 Istanbul time on May 23, the TRY had recovered to 4.5560 against the dollar having previously sunk 5.5% on the same day to an alarming all-time low of 4.9294 during overnight selling by Japanese traders cutting their losses on long lira positions against the yen.

The Lira tumbled 5.7% on Wednesday in the lead-up to intervention by the Turkish central bank, and the USD/TRY pair peaked at an all-time high of 4.9262 before the central bank boosted late cash rates by 300 basis points on Wednesday, sending the pair back beneath the 4.5700 level.

The bank's move came after the USA dollar/Turkish lira exchange rate hit a historic high on Wednesday, climbing to around 4.93.

"Accordingly, the committee chose to implement a strong monetary tightening to support price stability".

Despite posting an impressive 7.4-percent growth in 2017, the highest in G20 member countries, Turkey's economy has started showing signs of overheating, according to specialists.

"The exchange rate fluctuations are due to global factors and are not related to Turkey alone", Erdogan said in a meeting with former lawmakers during an iftar (fast-breaking) meal in Ankara. He added that he supported any action by the central bank to put a brake on the slide in the lira and achieve price stability.

U.S. rescinds invitation to Chinese navy to participate in major Pacific exercise
According to the Navy, this year's Rimpac was originally slated to include more than 1,000 personnel from 27 countries. But the United States now thinks China's behavior in the South China Sea runs counter to the spirit of the drills.

Comcast prepares to top Disney's $50 billion offer for Fox
Comcast has confirmed it is preparing to top Disney's $52bn (£39bn) bid for 21st Century Fox . Comcast shares dipped a bit less than 2% to close at $31.88 and Disney's slid 1% to 102.89.

Kim summit 'depends on Kim' - Mike Pompeo
US officials say preparations are still underway. "There are certain conditions we want to happen". "I do think he's serious. His spokeswoman, Sarah Huckabee Sanders, said Trump was referring to a commitment to seriously discuss denuclearization.

Dragging on the Turkey market outlook, the lira currency has tumbled to record lows in recent weeks and weakened by more than 20% against the United States dollars so far this year and depreciated 70% over the past five years.

He hurt the lira last week by saying he plans a greater say in monetary policy if he wins the elections, which markets saw as a slap in the face of the nominally independent central bank.

Earlier on Wednesday, the country's economy minister Nihat Zeybekci also said Turkey had authorised institutions to take necessary steps for maintaining the value of lira against foreign currencies.

Muharrem Ince, the main opposition party's candidate, who is challenging Erdogan at the June 24 presidential race, called on the Turkish leader to stop interfering in the central bank's monetary policy and to ease concerns over fiscal discipline, warning that the "economy is about to hit the wall".

Analysts at Commerzbank said in a note that Turkey was going through a "currency crisis".

The central bank's rate-setting committee hadn't been scheduled to meet until June 7, and it hadn't communicated with markets for a week before Wednesday's move.

Suffering from a gaping current account deficit and double-digit inflation, the lira has been in the cross hairs of the emerging market sell-off.

Recommended

Saudi Women's Rights Activists Labeled 'Traitors' as Crackdown Escalates Saudi Women's Rights Activists Labeled 'Traitors' as Crackdown Escalates He proceeded to say that the princes and businessmen were lured to the hotel under the pretext of meeting the king. Activists say al-Hathloul was arrested again in June of previous year in connection with her advocacy.

Lee Westwood grabs chance to be Ryder Cup vice-captain Lee Westwood grabs chance to be Ryder Cup vice-captain The Ryder Cup is unlike any other tournament in golf and the atmosphere is something that every golf fan should experience . But to be involved with it is very special as well and something I want to do.

Former Cohen Business Partner Pleads Guilty, Will Cooperate with Russia Investigation Former Cohen Business Partner Pleads Guilty, Will Cooperate with Russia Investigation The BBC's sources in Kiev appear to be supported by research from Michael Avenatti, the lawyer for porn actress Stormy Daniels. One source stated that the 51-year-old lawyer was paid $400,000, while another indicated that he was paid some $600,000.

Draymond Green's Bad-Luck Game 4 Included Crucial Missed Warriors Timeout Draymond Green's Bad-Luck Game 4 Included Crucial Missed Warriors Timeout That's where Trevor [Ariza] got on Klay [Thompson] really in the corner and locked him down. "We know we let one slip away". A source told ESPN that Paul's foot had been bothering him since the fourth quarter of the Rockets' Game 2 win in Houston .

Teen charged with first-degree murder in Maryland officer's death Teen charged with first-degree murder in Maryland officer's death Police sources say they have four teen boys in custody in the death of Officer Amy Caprio. "I'm just still grieving". Police Officer First Class Amy Caprio was a 3 year, 10 month veteran of the Baltimore County Police Department .

Battlefield 5 will not have loot boxes, but will have paid cosmetics Battlefield 5 will not have loot boxes, but will have paid cosmetics All of these multiplayer modes and features come together in Tides of War, EA and DICE's "new approach to live services". Interestingly, there was no mention of the heavily rumored battle royale mode that DICE has reportedly been working on.

How Philip Roth's Writing Transcended The Narrow Confines Of A Culture How Philip Roth's Writing Transcended The Narrow Confines Of A Culture Roth was born into a middle-class Jewish family in 1933 in Newark, New Jersey, where many of his books were set. The newspaper remembered Roth as "a passionate student of American history and the American vernacular".

Trump orders investigations into import of automobiles, auto parts Trump orders investigations into import of automobiles, auto parts Trump brought a little-used weapon to his fight to protect auto workers: Section 232 of the Trade Expansion Act of 1962. Trump has regularly complained that other countries impose higher tariffs on imported vehicles than the US does.

Iran FM slams U.S. counterpart's remarks as 'illusions' Iran FM slams U.S.  counterpart's remarks as 'illusions' The Iranian foreign minister asserted that the country sought nothing beyond what it has been allowed under the deal. In Syria's seven-year-old conflict, Iran has provided vital support to President Bashar al-Assad's military.

National Football League orders players to stand for anthem or stay in locker room National Football League  orders players to stand for anthem or stay in locker room President Trump criticized the movement during a speech last September, stating players should be "fired" for not standing. Jets chairman Christopher Johnson says that he will pay fines for any players who kneel, despite new policy .

How NASA Tech Is Helping Hawaii's Kilauea Volcano Response How NASA Tech Is Helping Hawaii's Kilauea Volcano Response Lava spatters "can weigh as much as a refrigerator, and even small pieces of spatter can kill", the spokeswoman told Reuters. Geological Survey said sulfur dioxide emissions from the volcano have more than doubled since the current eruption began.

Texas governor convenes school safety roundtable Texas governor convenes school safety roundtable But even though he's been charged as an adult, Pagourtzis will not face the death penalty due to a 2005 Supreme Court ruling. The Bureau of Alcohol, Tobacco, Firearms and Explosives traced the weapons to determine their purchase history.

Singer R. Kelly Sued for Sexual Assault, False Imprisonment Singer R. Kelly Sued for Sexual Assault, False Imprisonment Kelly also said that he would "help her work on it" and that he wanted to "teach [Rodgers] and show [her] how to be a woman". His manager John Holder on Tuesday said in an email that Kelly had no comment "at this time" on Rodgers' lawsuit.

Zuckerberg's European Parliament testimony leaves lawmakers frustrated Zuckerberg's European Parliament testimony leaves lawmakers frustrated The lawmakers were given three minutes each to ask their questions one after another. Zuckerberg escaped any harsh back and forth because questioning was limited.

Britain's M&S sees profit fall for second straight year Britain's M&S sees profit fall for second straight year Admitting the business had become top-heavy and too "corporate", M&S has recently separated its Food and Clothing & Home teams.