Turkish lira rises as markets refuse to take Trump’s tariff threats seriously – CNBC

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No stranger to volatility, the lira had previously come down 5% this month against the dollar on sanctions worries, and lost some 40% of its value against the dollar in 2018 over controversial domestic monetary policy moves and a diplomatic fight with the U.S. that led to destabilizing tit-for-tat sanctions threats.

Turkey’s offensive in Syria, marked by airstrikes and artillery shelling, is now in its seventh day amid reports of human rights atrocities, IS jailbreaks and mass fleeing of civilians. The UN says 130,000 people have already been displaced, and Kurdish forces say more than 200 have been killed. Pro-Turkish forces have cut off the main road between Syria’s east and west Kurdish-held territory, blocking the main highway to the Kurdish city of Kobani where U.S. troops are based.

Meanwhile, Republican and Democratic lawmakers last week announced a sanctions bill on Turkey that they say should have a veto-proof majority if rejected by the president.

Of Monday’s less-harsh-than-expected tariff threats, Robertson said, “While this should be helpful for Turkish assets, markets will stay jittery, as they can’t be sure this takes enough pressure off Trump.”

Source Article from https://www.cnbc.com/2019/10/15/turkish-lira-up-as-trump-tariff-threats-are-less-serious-than-expected.html

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