Monday, 20 August, 2018

EUR/USD consolidates Turkey fears-led slide to 1.1430, US CPI eyed

Screen Shot 2018 08 10 Screen Shot 2018 08 10
Patty Aguilar | 12 August, 2018, 22:25

A Financial Times report said the European Central Bank was anxious that Turkish citizens would start defaulting on their loans.

Recep Tayyip Erdogan was responding to a drop in the value of the Turkish currency, the lira, against the US dollar following the imposition of sanctions and tariffs by the United States in the past two weeks.

Trump said he would double the steel and aluminum tariff rate for Turkey.

Trump stated in an inflammatory tweet that the Turkish lira was weak against "our very strong dollar", adding that "US relations with Turkey are not good at this time".

Trump's "jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", he wrote.

The US imposed tariffs of 25 per cent on steel and 10 per cent on aluminum in March for imports from a variety of countries.

'Aluminum will now be 20 per cent and Steel 50 per cent.

"As he stated, the president has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey", White House Deputy Press Secretary Lindsay Walters said.

On Friday the currency dropped as much as 18% at one point, the biggest one-day fall since a 2001 financial crisis in Turkey.

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Declining issues outnumbered advancing ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favoured decliners. The S&P technology index fell 1 percent, with Intel down 2.8 percent after Goldman Sachs downgraded the stock to "sell".

Turkish currency has lost about 40 percent of its value in the past year.

Iran has also suffered a major tumbling of its currency this year partly over the reimposition of USA sanctions after Trump abandoned the 2015 nuclear deal.

The lira has always been falling on worries about Mr Erdogan's influence over monetary policy and worsening relations with the United States.

President Recep Tayyip Erdogan vowed Saturday to defy U.S. "threats" over a detained pastor, showing no signs of concessions in a bitter row that has caused the Turkish lira to crash.

Brunson, an evangelical Presbyterian from North Carolina, was jailed for allegedly supporting the group that Turkey blames for the failed coup and was moved from prison to house arrest in July.

Turkey wants the United States to extradite cleric Fethullah Gulen, a Pennsylvania-based cleric who Turkish authorities say masterminded the coup attempt in which 250 people were killed.

Turkey remains at loggerheads with the United States in one of the worst spats between the two North Atlantic Treaty Organisation allies in years over the detention for the last two years of American pastor Andrew Brunson and a host of other issues. He has denied the charges.

His cause resonates with Mr Trump's Christian conservative supporters. In response to Turkey's tightening embrace of Russia, Congress slapped a hold on delivery of F-35s to the Turkish air force, for fear that the Russians would be invited to examine the world's most advanced stealth warplane.

Erdogan framed Turkey's currency crisis as a "national battle" against economic enemies, namely the USA, saying 'if they have their dollar, we have the people, we have Allah'.

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