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.

New storm forms over Atlantic; no threat to Jamaica
Continuity prevents a higher forecast, but Lane seems destined to eventually become a category-4 hurricane like Hector. Tropical-storm-force winds extend outward up to 35 miles from the center.

Corona owner pumps $4 billion more into weed producer Canopy
Canada's largest cannabis company has announced they have closed the biggest deal in the history of the legal cannabis industry. The agreement Wednesday will also see Constellation nominate four directors to Canopy Growth's seven-member board of directors.

‘Touch the sun': NASA spacecraft hurtles toward our star
NASA's Parker Solar Probe is on its way for a rendezvous with the Sun. " Parker Solar Probe would be just 4cm away from the Sun". It will study the sun as never before, giving us clues into how and why our closest star behaves the way it does.

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.

Related:

  • First Lady Melania Trump Cannot Wait To Divorce 'Unhinged' Donald Trump

    First Lady Melania Trump Cannot Wait To Divorce 'Unhinged' Donald Trump

    On MSNBC on Tuesday, Manigault-Newman said she was a whistle blower unveiling "corruption" within the Trump White House. Staffer Lynne Patton called Manigault Newman a "disgruntled employee" on "Anderson Cooper 360" Tuesday night.
    IPhone X-like Motorola P30 gets official in China, and it's cheap

    IPhone X-like Motorola P30 gets official in China, and it's cheap

    On the front, the device offers a 6.2-inch IPS display with Full HD+ (2246 × 1080 pixels) resolution and 19:9 aspect ratio. The phone also highlights a dual rear camera setup, face unlock and some AI smarts, among other things.
    More than two dozen overdose around downtown CT  park

    More than two dozen overdose around downtown CT park

    Their symptoms included vomiting, hallucinations, high blood pressure , shallow breathing and unconsciousness, ABC News reported. The CDC said a record 72,000 Americans died past year because of drug overdose - about 10 percent higher than previous figures.
  • Did Donald Trump use the N-word?

    Did Donald Trump use the N-word?

    Manigault Newman has been associated with Trump for more than a decade. You always in private talk to me about him, you love him very much.
    Gunfire on 50 Cent and Tekashi69's Music Video Set

    Gunfire on 50 Cent and Tekashi69's Music Video Set

    Gunfire rang out on the set of 50 Cent and Tekashi 6ix 9ine's Brooklyn video shoot Tuesday night (Aug. 14). Earlier this year, someone fired shots at Chief Keef, who was beefing with Tekashi at the time.
    Germany, Qatar vow support for Turkey amid U.S.  pressure

    Germany, Qatar vow support for Turkey amid U.S. pressure

    The United States and Turkey also have diverging interests over Syria, which is enmeshed in a protracted civil war. Meanwhile, Turkey has also decided reject a US appeal calling for the release of an imprisoned American pastor.
  • 35 killed in Italy motorway bridge collapse

    35 killed in Italy motorway bridge collapse

    Italy's government said it meant to revoke the company's contract and hit it with a fine of 150 million euros ($170 million). In its design, Morandi used a patented prestressed reinforced concrete technology, which later proved problematic.
    L'Equipe: Zidane wants to take over at Manchester United

    L'Equipe: Zidane wants to take over at Manchester United

    The Portuguese manager had warned United's board the club could face a "difficult season" if the squad was not improved. Barcelona have ruled out a move for Manchester United star Paul Pogba - for now.

    Kevin De Bruyne suffers serious injury in Manchester City training

    The Terriers were matched at a record high of [44.0] but were backed into [30.0] as the De Bruyne news broke on Twitter. City do, however, have David Silva, Bernardo Silva and Gundogan who can offset his loss in midfield.
  • Intel Official:

    Intel Official: "Brennan's Actions are Unconscionable...Trump Did The Right Thing"

    The action prompted bipartisan rebukes and worries that Trump was willfully infringing on his critics' First Amendment rights. Comey and McCabe no longer have security clearances, according to their representatives.
    State of emergency declared across B.C. as 566 fires burn

    State of emergency declared across B.C. as 566 fires burn

    Another 48 evacuation alerts means another 18,720 people should be prepared to evacuate at a moment's notice if the fires spread. The forecast is calling for more hot and dry conditions, with a risk of thunderstorms in some parts of the province.
    Strictly 2018 line-up: Capital DJ Vick Hope FIFTH celeb announced

    Strictly 2018 line-up: Capital DJ Vick Hope FIFTH celeb announced

    The brunette is also a reporter for ITN where she produces, scripts, edits and presents news and entertainment bulletins. Vick started on Capital Breakfast in May this year after working at Capital Xtra.

Comments

Latest news

Best of 'Hard Knocks': What Browns said to Antonio Callaway
Offensive coordinator Todd Haley was in Coleman's ear, telling him to stay in routes longer and, essentially, to compete harder. When Hue tells him to talk with Haley, Coleman says if the Browns don't want to play him, they should just trade him.

Trump signs defence policy bill with watered-down China measures
The mandate to produce a study came after an earlier version proposed to bar the delivery of F-35s to Turkey. Amid ruptured US-Turkey diplomatic ties, the US has put on hold the sale of F-35 fighter jets to Ankara.

Kobe Bryant Has Made Almost $200 Million Off The BodyArmor Sports Drink
BodyArmor, which markets itself as a healthier alternative to Gatorade, is projected to surpass $400 million in sales this year. In 2007, Glaceau, a company he co-founded with the smartwater and vitaminwater brands, sold to Coke for $4.1 billion.

British pound sterling dropped against euro and dollar
If UK inflation is lower than expected, investors may become concerned that the BoE's August interest rate hike was unjustified. Even if the inflation data impresses, the Pound's potential for gains is limited as "no deal" Brexit jitters persist.

US tariffs to stay on Turkey, Qatar offers Ankara aid
Despite the political tensions, the lira rebounded some 6 per cent on Wednesday, strengthening to around 6.0 to the dollar. In response, Erdogan announced boycott of United States electronic devices, including Apple iPhones .

Iraq PM Cancels Visit To Sanctions-Hit Iran
An Iraqi official said Saturday that Abadi would visit both neighboring Turkey and Iran to discuss economic issues. Iraqi provinces bordering Iran depend heavily on the Islamic Republic for their electricity supply.

John Brennan's Security Clearance Revoked by Trump
Chris Van Hollen of Maryland said of Trump, "Leaders behave like this in dictatorships, not democracies". Also on the list was Susan Rice , Obama's national security adviser.

Indian airport temporarily halts operations
Cochin International Airport's official website showed that several flights had been diverted, cancelled and indefinitely delayed. Prime Minister Narendra Modi mentioned the flood-hit state of Kerala in his address to the nation on the 72nd Independence Day.

President Trump Signs Defense Spending Bill
The bill was passed 87 to 10 in the Senate on August 1 after being approved by the House. The bill weakens a bid to clamp down on Chinese telecom company ZTE.

Sarah Sanders’s Correction of Jobs Stats Felt Rare Because It Was
But she has already contradicted herself and lacks credibility as she makes bombshell allegations that Trump is a vocal racist . The only way to shut him down, she said, is to "don't give him the oxygen" that comes from news stories, clicks, and likes.

Rugby global Danny Cipriani charged with assault in Jersey nightclub
The 30-year-old fly-half was on the island with his club Gloucester for a training camp with Jersey Reds. The incident happened at a venue in the St Helier area of Jersey in the early hours of Wednesday morning.

Pearl Jam Put Trump’s Rotting Corpse on Poster
It depicts a White House in flames, with Trump's skeleton face down on the ground reaching for a briefcase with a hammer and sickle on it.

Nicki Minaj accused of stabbing ex-boyfriend Safaree Samuels
Samuels promptly responded to the accusations by saying she should "let all that ish go". "Nobody even talks about that anymore". On Tuesday afternoon, Safaree Samuels claimed that Nicki Minaj had once cut him with a knife, and that he "almost died".

Artificial intelligence to save more Briton’s sight
Because they take so long to go over, there can be significant delays between the scan and treatment. Medical practitioners now use optical coherence tomography (OCT) to diagnose various eye conditions.

India aims to send astronauts into space by 2022, Modi says
Modi, however, steered clear of any mention of foreign policy, including the troubled equation with Pakistan. Our government has strived to table the bill in Parliament.

Other news