Technology Dollar approaches 13-month high; rouble, Turkish lira downtrodden

07:56  10 august  2018
07:56  10 august  2018 Source:   reuters.com

Turkish lira plunges 17% to record low against dollar

  Turkish lira plunges 17% to record low against dollar The Turkish lira plummeted as much as 17% against the dollar on Friday, deepening worries about the country's economic stability.The Turkish currency plummeted as much as 17% against the dollar, reflecting a range of concerns, including tensions with the United States and the unwillingness of Turkish authorities to raise interest rates.

By Shinichi Saoshiro. TOKYO (Reuters) - The dollar stood tall on Friday, hovering just short of a 13 - month high against a basket of peers as The Russian rouble dropped to its weakest since late 2016 after Washington said it would impose fresh sanctions on Moscow, while the Turkish lira

* Rouble hits lowest since Nov 2016, lira marks record low. By Shinichi Saoshiro. TOKYO, Aug 10 (Reuters) - The dollar stood tall on Friday,hovering just short of a 13 - month high against a basket of peersas European currencies such as the pound and euro continued tolose traction.

FILE PHOTO: U.S. Dollar banknotes are seen in this photo illustration© REUTERS/Jose Luis Gonzalez/Illustration/File Photo FILE PHOTO: U.S. Dollar banknotes are seen in this photo illustration

The dollar stood tall on Friday, hovering just short of a 13-month high against a basket of peers as European currencies such as the pound and euro continued to lose traction.

The Russian rouble dropped to its weakest since late 2016 after Washington said it would impose fresh sanctions on Moscow, while the Turkish lira plumbed a record low in the wake of a diplomatic rift with the United States.

The dollar index, which measures the greenback's strength against a group of six major currencies, was up 0.05 percent at 95.550 after gaining 0.5 percent overnight. A rise above 95.652 would take the index to its highest since July 14, 2017.

If Turkey implodes, here's who else will get hurt

  If Turkey implodes, here's who else will get hurt With financial turmoil in Turkey roiling the country’s assets, analysts are busy contemplating which other countries could be exposed and what this could mean for international investors. Turkey has been in economic difficulties since the start of the year. Its currency has lost about 33 percent of its value on the back of large fiscal stimulus, growing inflation and a hefty current account deficit. There's also been intervention from President Recep Tayyip Erdogan on the central bank's policy decisions which continues to surprise investors and accentuate the fall in the currency.

The dollar stood tall on Friday, hovering just short of a 13 - month high against a basket of peers as European currencies such as the pound and euro continued to lose traction. The Russian ruble dropped to its weakest since late 2016 after Washington said it would impose fresh sanctions on Moscow

XE Currency Charts: USD to TRY. US Dollar to Turkish Lira Chart. This USD/TRY Chart lets you see this pair's currency rate history for up to 10 years! XE uses highly accurate, live mid-market rates.

In contrast, the pound has slumped 1.4 percent this week amid increasing speculation Britain will leave the European Union without an agreement regarding its future relationship with Brussels.

Sterling was little changed at $1.2830 after plumbing a one-year low of $1.2819 overnight.

The euro was steady at $1.1524 after brushing a seven-week trough of $1.1516.

The single currency had retreated 0.7 percent overnight, its decline accelerating after the European Central Bank said that risks to global growth are increasing as the risk of protectionism and the threat of higher U.S. tariffs sap confidence.

The euro was down 0.4 percent for the week, dogged by renewed investor concerns that Italy was heading for a costly and unsustainable spending spree.

Turkey shaken by financial fears, Trump rattles it further

  Turkey shaken by financial fears, Trump rattles it further A financial shockwave ripped through Turkey on Friday, when its currency nosedived on concerns about its economic policies and a dispute with the U.S., which President Donald Trump stoked further with a promise to double tariffs on the NATO ally. The lira tumbled 14 per cent in one day, to 6.51 per dollar, a massive move for a currency that will make the Turkish poorer and further erode international investors' confidence in the country.

New Romanian Leu Serbian Dinar Russian Rouble Rwanda Franc Saudi Riyal Dollar Solomon Islands Seychelles Rupee Sudanese Pound Swedish Krona You will learn the today’s rate from this page 13 US Dollar to Turkish Lira . For 3 months (90 days). Date. Day of the week. Turkish Lira .

Group: Exotic. Base: US Dollar . Second: Turkish Lira . The USD entered the area of three- months highs . In case of a strong market reaction, DXY has the potential to overcome this important resistance . 0 0. Ashraf Ismail 13 hours ago. Share. Follow this post.

"The dollar also has an edge on the euro amid continuing repatriation of funds to the United States, and the pound looks to keep retreating indefinitely with 'no-deal Brexit' the main driver," said Mitsuo Imaizumi, chief FX strategist at Daiwa Securities.

The dollar dipped 0.1 percent to 110.92 yen, nudged off a session-high of 111.165. The pair has been caught in a relatively narrow 111.53-110.71 band this week.

"Dollar/yen is bound in range, with caution toward the U.S.-Japan trade talks capping the pair's upside, but it is also seeing downside support before the U.S. CPI release," said Imaizumi at Daiwa.

The U.S. consumer price inflation (CPI) report for July is expected to show inflation likely increased 0.2 percent, after rising 0.1 percent in June.

The United States and Japan on Thursday began what the two sides call "free, fair and reciprocal" negotiations on trade, with the discussions due to continue on Friday.

Energy Executives Lament Trump Tariffs As Costs Rise On Pipeline Projects

  Energy Executives Lament Trump Tariffs As Costs Rise On Pipeline Projects U.S. President Donald Trump’s proposal to double tariffs on steel and aluminum from Turkey could push up costs even further for domestic oil and gas pipeline projects, as energy executives said they were already struggling from earlier tariff rises. There are more than a dozen U.S. energy pipelines on the drawing board, some of which are still seeking financing. The projects would pave the way for greater U.S. oil and gas exports and relieve a bottleneck in West Texas shale fields that is starting to pinch output in the region.Turkey delivers just 4 percent of steel mill imports, valued about $1.

Group: Exotic. Base: US Dollar . Second: Turkish Lira . Prev. Close: 5.3301. 3 Months . There have been wires that a preliminary understanding has Another record high for the USDTRY. 13 :00. USD. 3-Year Note Auction.

0.50578. 2.98383. 13 .52147. 0.60735. Useful information relating to the Turkish Lira currency TRY. Country: Turkey . Historical Exchange Rates For United States Dollar to Turkish Lira . RSD - Serbian Dinar. RUB - Russian Rouble . SAR - Saudi Riyal. SCR - Seychellois Rupee.

The yen was broadly lifted for the time being, edging higher versus the euro and Australian dollar, supported by risk aversion with equities across the region in retreat.

Meanwhile, the rouble retreated overnight to its lowest since November 2016, weakening beyond the psychologically important 65-per-dollar threshold.

The Turkish lira fell to a fresh record low of 5.588 after a meeting on Thursday between a Turkish delegation and U.S. officials in Washington yielded no apparent solution to a diplomatic rift over the detention in Turkey of a U.S. pastor.

Elsewhere, the New Zealand dollar remained on the back foot, stretching its overnight slide to $0.6598, its lowest since March 2016.

The kiwi lost 2 percent on Thursday after the Reserve Bank of New Zealand surprised the market by committing to holding rates at record lows until the end of 2020.

(Editing by Joseph Radford)

Toronto stock market lower, loonie slips .
Canada's main stock index closed in the red Monday along with U.S. markets as concerns about economic instability in Turkey continued to weigh globally. This Week's Circulars require(["c.deferred"], function () { require({ js: '//api.circularhub.com/msn/module.loader.min.js' }); }); "The clear headliner today that's sapping a bit of the optimism in the markets is worries about what's happening in Turkey and the plunge in their currency," said Craig Fehr, a Canadian markets strategist with Edward Jones in St. Louis.

Source: http://ca.pressfrom.com/news/technology/-87344-dollar-approaches-13-month-high-rouble-turkish-lira-downtrodden/

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