Turkish lira rallies ahead of Albayrak presentation

Emerging market currencies plunged as Turkey’s lira extended its precipitous slide

Turkish Finance Minister Berat Albayrak, who is Erdogan's son-in-law, and his Qatari counterpart Ali Sharif Al-Emadi were present at the talks in the capital Ankara. Ratings agency Standard & Poor's is also scheduled to release a review of Turkey's sovereign credit rating after the market close on Friday.

"The US-Turkish relationship right now is probably the worst it has been in a number of decades", said Jacob Kirkegaard, a fellow at the Peterson Institute of International Economics.

"I think the dollar is strengthening as a result of diverging monetary policies", said Oliver Pursche, Chief Market Strategist Of Bruderman Brothers In New York.

Robust U.S. economic data this year, even as Europe and other major economies have lost some steam, has helped keep the U.S. Federal Reserve on track to raise interest rates twice more this year, which should boost the appeal of the dollar further.

Earlier on Wednesday, White House spokesperson Sarah Sanders said the USA side would consider lifting sanctions that have been placed on Turkey if Ankara released Brunson and other detained US citizens.

Turkish Airlines and Turk Telekom have said they will halt advertising in USA media.

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The American pastor continues to be detained in Turkey - a North Atlantic Treaty Organisation ally - despite Trump's demands that Brunson be freed.

He added Turkey wants to develop relations with the European Union, and that the country is "a part of the family".

The Russian foreign minister claims that the USA increased use of sanctions will erode the dollar's role as the top reserve currency.

Before he spoke, the lira strengthened more than 3 percent, despite signs that the rift with the United States is as wide as ever.

Markets are concerned by Erdogan's influence over the economy and his resistance to interest rate increases to tackle double-digit inflation.

Relations between the two North Atlantic Treaty Organisation allies have plummeted in one of the worst crises in decades after the detention of USA pastor Andrew Brunson on terror-related charges, sending the Turkish lira into free fall against the dollar.

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The Portuguese manager had warned United's board that the club face a "difficult season" if the squad was not improved. Zidane was heading the Whites from 2016 to 2018, and won nine titles with the Real Madrid .

Foreign Ministry Spokesman Hami Aksoy said on Twitter that President Donald Trump's decision, which also violates World Trade Organization rules, does not comply with "state seriousness".

Erdogan has remained combative towards Trump's economic decisions, vowing to boycott U.S. products such as the iPhone.

Turkey was one of the first countries to reject this siege and support Qatar by establishing air bridges.

The euro recovered against dollar on Thursday as dollar fell after news that a Chinese delegation will travel to the United States for trade talks, with investors buying back into currencies hit hard in the recent sell-off.

JP Morgan said moves by Turkish authorities showed they were committed to stabilising the currency with technical measures such as restricting forex swaps and cancelling repo auctions to push up the weighted average cost of funding.

Turkish officials say President Recep Tayyip Erdogan has spoken with French President Emmanuel Macron, during which Macron said that Turkey's economic stability is important for France. Mr Erdogan has also held a phone call with German chancellor Angela Merkel and planned to speak this week also with France's Emmanuel Macron.

Who Will Fund Elon Musk's Tesla Takeover? It Could Be Saudi Arabia
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