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8/16/2018, 10:03 AM (Source: TeleTrader)
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Turkish lira takes back one more chunk of sharp loss

Emerging markets showed signs of relief on Thursday as the Turkish lira strengthened for the third day in a row, getting closer to long-term trend lines. Minister of Finance and Treasury Berat Albayrak is scheduled to hold a conference call today with more than three thousand investors, who are eager to learn details of his plan to stabilize the overheating economy, which is struggling with raging inflation and current-account deficit. The Central Bank of the Republic of Turkey has stepped in to support the currency.

However, more issues are on the pile, particularly the political and trade dispute with the United States and the disputed cooperation in Syria with Russia and Iran. As China has said it would hold talks about economic relations with the government in Washington later this month, profit taking today weighed on the dollar, which has benefited from safe haven demand during the peak of the turbulence.

The greenback retreated 1.19% to 5.8544 liras at 10:01 am CET, compared to the all-time high of 7.0891 from August 13. The euro was down 2.04% at 6.6627 Turkish liras. The Dow Jones Turkey Titans 20 stock index still fell 1.01%, bringing the year-to-date loss to almost 25%.

Baha Breaking News (BBN) / IT