Turkey aims new tariffs at US as court rejects pastor's appeal

Turkish lira Cheap holidays due to exchange rate

Wall Street futures pointed to a sharply lower opening.

Ankara has taken its fight to protect the lira from short-sellers by rationing the amount of currency available to foreign institutions.

"Prior to this (the Turkish lira crisis), we have the trade conflict between the USA and China that continues to escalate", she told The Edge Financial Daily. The argument over the pastor, Andrew Brunson, has sparked the worst crisis between the North Atlantic Treaty Organisation allies in decades and led to fears that Turkey's economic problems could cause a new global financial crisis.

Attention has turned once again to the dollar, which opened Wednesday flat but then strengthened 0.16 % against a basket of currencies.

But it's not just food and drinks that are cheap, prices of everything from sun cream to insect repellent and even buckets and spades are down as much as 65 per cent when compared to a year ago.

"While the lira is stabilising, investors are still concerned that the crisis will spread to other emerging economies and currencies", said Hikaru Sato, senior technical analyst at Daiwa Securities.

'We have seen our currency sales surge by 198 per cent compared with the same time previous year'.

"In a lot of ways some of his actions have amplified this risk-off type of environment, which has ultimately helped the USA dollar strengthen in the near-term", said Charles Tomes, senior investment analyst and trader at Manulife Asset Management in Boston.

They also called on Turkey to work with the United States to improve relations.

In July this year, the US dollar index fell by 0.7% at 88.24 after US President Donald Trump commented on the US currency's strength on Twitter.

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Spot gold XAU= fell to an 18-month low of $1,186.70 an ounce, having declined 1.9 percent this week.

MSCI's all-country equity benchmark fell 0.5%, though it stayed off one-month lows reached on Monday.

"Copper and other commodities at first reflected the downturn in China but now have been exacerbated by expectations of further economic weakness", said Kristina Hooper, chief global market strategist at Invesco in NY. Emerging equities fell 2 %, and are down nearly 20 % from January highs.

The value of U.S. dollar on Wednesday, declined by 43 paisas against Pakistani rupee, in interbank market. That is also pressuring other Asian markets.

"China, the European Union and others have been manipulating their currencies and interest rates lower, while the USA is raising rates while the dollar gets stronger and stronger with each passing day - taking away our big competitive edge", Trump tweeted at that time.

The backdrop to all this is the escalation in global trade tensions, with Beijing lodging a complaint to the World Trade Organization to determine the legality of US tariff and subsidy policies.

Turkey has also raised tariffs on some US products "in response to the USA administration's deliberate attacks on our economy", Vice President Fuat Oktay wrote on Twitter.

President Recep Tayyip Erdogan has said that Turkey would boycott U.S. electronic goods in retaliation for punitive sanctions from Washington. Amid calls to "burn" the dollars, the group headed to a bank branch where they converted the money, it said. "It's something investors need to come to terms with in coming months".

All those concerns have driven investors to embrace more stable assets. This has caused the dollar to increase, the lira to fall, and Turkish bond yields to rise. German and US 10-year yields are down more 10 basis points this month.

"Recent dollar gains reflect weakness in emerging market currencies and the euro, with "risk off" driving flows into the US currency", said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo. The local currency has fallen by 0.69% in August alone.


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