Turkish Lira, Stocks Jump After Jay Sekulow Says “Close To Resolution” On Pastor Brunson
With stocks tumbling into the Friday close following the collapse of the Turkish lira,, and with Trump a stickler for no red days especially when he is on vacation, traders were wondering where today’s stick save would come from. We got the answer moments ago when Trump’s attorney – or rather one of many – Jay Sekulow, said in a radio appearance on the Sean Hannity radio show, that the White House is working hard on the case of a U.S. pastor Andrew Brunson – who is held by Erdogan under house arrest, and was the catalyst for today’s latest Trump sanctions – and “says they’re close to getting a resolution.” Read @ https://www.zerohedge.com/news/2018-08-10/turkish-lira-stocks-jump-after-jay-sekulow-says-close-resolution-pastor-brunson
Trump Hits Turkey When It’s Down, Doubling Tariffs – the NIGHTMARE!!
President Trump said on Friday that he would double the rate of tariffs on steel and aluminum imports from Turkey, inflicting additional pain on President Recep Tayyip Erdogan, whose country is in the midst of an economic crisis.
Mr. Trump’s abrupt and unilateral action came amid worsening relations with Turkey, which has continued to detain an American pastor on espionage charges despite the United States’ insistence that he be released.
In a Twitter post on Friday morning, Mr. Trump said the United States would bump Turkey’s aluminum tariffs to 20 percent and steel tariffs to 50 percent and cited the country’s deteriorating currency, the Turkish lira. “Our relations with Turkey are not good at this time!” he said. read @ https://www.nytimes.com/2018/08/10/us/politics/trump-turkey-tariffs-currency.html?partner=rss&emc=rss
Lira Falls to Record Low as U.S. Sanctions Two Turkish Officials
The lira slumped to a record low as the U.S. imposed sanctions on two Turkish ministers over the continued detention of an American pastor.
The sanctions target Turkey’s Minister of Justice Abdulhamit Gul and Minister of Interior Suleyman Soylu, both of whom “played leading roles in the organizations responsible for the arrest and detention of Pastor Andrew Brunson,” the U.S. Treasury Department said in a statement. The currency slumped as much as 2.1 percent to 5.0157 per dollar after two people familiar with the matter said the U.S. has prepared a list of Turkish entities and individuals to target should it decide to impose sanctions on Recep Tayyip Erdogan’s government.
Turkey remains particularly exposed to shifts in investor sentiment, given its large external financing needs. Any slowdown in capital flows triggered by such a move could weigh on the currency and bonds. Read @ https://www.bloombergquint.com/politics/2018/08/01/lira-falls-to-record-as-prospect-of-u-s-sanctions-draws-closer#gs.LqCFlkw
WHAT IS THE USD SAYING?
Both the Daily Chart and Weekly Chart showing a nice breakout of the USD. $97 focus now. FED rate Hike and Trump GDP confidence and Turkey Sanction are the catalyst for the upward movement of the USD.
Be cautious if you are trying the SELL USD. Always bear in mind your money management.
MONDAY NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES.
- The focus will be on Turkey and UK BREXIT. Expect quiet morning as market awaits for fresh news.
- News on China Money Supply & New Loans focus this whole week
- US Mortgage Delinquencies will also be the focus this week
US is in a good ground for massive economy growth. Looks like there is no turning back for US economy. Market awaits fresh news for volatility but for now USD takes the lead with Breakout @ the Futures.
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