Dollar rises to 13-month peak on anxiety over Turkey

Dollar rises to 13-month peak on anxiety over Turkey

Dollar rises to 13-month peak on anxiety over Turkey

It's not clear how Erdogan would enforce the boycott, the AP noted. He urged Turks to buy local or Korean mobile phones, instead of American iPhones. Unless and until the government takes more stringent actions, they expect the lira to resume its decline in the near future.

The president's comments came after diplomats from both sides met Monday to calm tensions.

Erdogan has remained defiant after Trump doubled tariffs on aluminum and steel imports from Turkey to 20% and 50%, respectively.

That was a rare Trump understatement, as the two countries face sharp differences on the case of Brunson and other detained Americans, Erdogan's consolidation of power, USA support for Kurds in Syria, growing Turkish relations with Russia, Turkey's evasion of US sanctions and more.

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

"Once we got into August there was quite a bit of selling (of the euro), and it accelerated with the Turkey situation", said Wakabayashi.

The U.S. slapped sanctions on Turkey after the nation refused to release pastor Andrew Brunson.

To underline this point, the International Monetary Fund notes that if the Turkish lira were to experience a 30-percent depreciation from its level at the start of the year, Turkey's external debt would rise to over 80 percent of GDP. That helped Turkey's economy, which grew at 7 percent a year ago.

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Even though a meeting between National Security Adviser John Bolton and Turkey's US ambassador on Monday yielded no public progress, the White House is now leading the talks with Turkey over Brunson's release and a host of other issues that have dragged down the alliance.

Underscoring lingering concerns toward the crisis in Turkey, the dollar hovered near a 13-month peak against a basket of currencies, seen to be supported by its safe-haven status.

"Together with our people, we will stand decisively against the dollar, forex prices, inflation and interest rates".

"For NATO, but also European allies, who have limited themselves to words of caution, this means another stress test that could further undermine their trust in both the United States and Turkey to seek consensus for the sake of the alliance".

Some 1,000 foreign investors, particularly from the United States, Europe and the Middle East, are expected to join the meeting, which is scheduled to be held at 4 p.m. Istanbul time. By size, Turkey is America's 32nd-largest trading partner, and US banks have little invested in Turkey, making up less than one percent of all foreign lending. Central banks try to ignore politics when making economic decisions.

Brunson has appealed again to a Turkish court to release him from house arrest and lift his travel ban, his lawyer told Reuters on Tuesday.

Brunson has already denied the charges, calling them "shameful and disgusting".

The financial regulatory body said violators could face two to five years in prison.

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