Turkey’s plummeting lira is sending ripples of fear through global markets today
10 August, 2018, 15:25 | Author: Eric Barnett
The TurkishLira briefly tumbled to a fresh low near 6.5 per dollar on August 10, as a deepening rift with the United States and intensifying worries about the state of the economy dragged on the currency again.
The lira went into free-fall, sinking more than 12 percent at one point to reach and all-time low, having now lost more than one third of its value this year against the USA dollar and the euro. USA sanctions against top Turkish government officials and unorthodox economic policies by Turkey's President Recep Tayyip Erdogan have spooked markets.
Relations between the two North Atlantic Treaty Organisation allies have taken a turn for worse amid dispute over the detention in Turkey of United States evangelical pastor Andrew Brunson on terrorism charges.
Deepening investor concerns about Turkey's authoritarian trajectory under President Recep Tayyip Erdogan and the economic fallout have also weighed on the currency.
"Don't heed them. Don't forget, if they have their dollars, we have our people, our God". We are working hard. "It looks like EUR/USD will hit our end-September forecast of 1.1400 early", says Richard Grace, a foreign exchange strategist with Commonwealth Bank Australia.
The standoff has triggered a selloff in the lira amid investor concerns about the direction of the country.
The rouble slid to two-year lows after Washington said it would impose fresh sanctions on Moscow. He has presented an economic action plan for the next 100 days.
Turkey on Wednesday sent a government delegation to Washington in an attempt to defuse the situation, but it wasn't clear whether any progress was made.
"You have some very odd politics with the president interfering with monetary policy - they are picking fights with Europe, they are picking fights with the Americans", said Paul McNamara, an investment director at GAM London Limited, as quoted by Reuters. Erdogan said China, Mexico, Russia and India will be new markets for his country's exports.
Turkey's ties with the USA have soured over Washington's refusal to extradite Fetullah Gulen, who is accused of masterminding a 2016 coup against President Erdogan.
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