Investing.com – Turkish assets rose Thursday after Turkish President Recep Tayyip Erdogan agreed to a five-day ceasefire in Syria following a meeting with U.S. Vice President Mike Pence and Secretary of State Mike Pompeo.
Turkey agreed to halt its assault in Syria for five days, allowing Kurdish forces to withdraw from the Turkey-Syria border, Pence told reporters. Turkey also agreed to "a permanent ceasefire" once the Kurdish forces have withdrawn, he added. Turkey will control a "safe zone" as far as 20 miles into Syrian territory.
The cease-fire agreement comes just a day after President Donald Trump said that Turkey’s military assault on Syria had “nothing to do” with the U.S. But Trump has faced widespread criticism for withdrawing U.S. troops from the region, with many fearing that it could cause terrorist group ISIS to reemerge. Recent media reports suggested that hundreds of captured members of ISIS had escaped from prisons in Syria after the Kurds moved forces to the Syrian border to meet Turkey's assault.
The iShares MSCI Turkey ETF (NASDAQ:TUR) was up about 3.6% and USD/TRY fell about 1%.