|Day's Range||0.173 - 0.174|
|52 Week Range||0.1602 - 0.1948|
Investing.com - The pound was lower on Friday as confusion over whether or not the U.K. will leave the European Union next week continued, as the EU failed to reach an agreement on a Brexit extension.
President Donald Trump said Wednesday he will lift sanctions on Turkey after Ankara told his administration it will stop fighting in Syria and make a ceasefire permanent.
A popular exchange-traded fund was up more than 3% Wednesday midday as President Donald Trump announced a plan to lift U.S. sanctions on Turkey a, which were imposed after the it invaded Syria. The president also called a temporary ceasefire that had been announced last week "permanent." "The sanctions will be lifted unless something happens that we are not happy with," Trump said at the White House. The iShares MSCI Turkey ETF rose 3.4% in Wednesday midday trade and has climbed 3.6% so far this week. Meanwhile, Turkey's lira was up about 1% against the U.S. dollar, with the buck changing hands at about 5.77 lira, according to FactSet data, with the currency up about 0.3% week to date.
A popular exchange traded fund Thursday afternoon added to its gains after Vice President Mike Pence said the U.S. and Turkey have agreed on a ceasefire in Syria. Speaking from Ankara, Pence said the ceasefire would last 120 hours and allow Kurdish fighters to withdraw from a safe-zone area. The iShares MSCI Turkey ETF gained nearly 4.1% Thursday afternoon in New York. Thursday's advance helped to push the Turkey-specific ETF, which gives investors exposure to the country's stock market, in to the green, producing a 0.6% weekly gain. Meanwhile, the Turkish lira rose 1.1% against the buck. A dollar last bought 5.8268 lira, according to FactSet data.
A Turkey-focused exchange-traded fund was trading sharply lower Wednesday as Turkish President Recep Tayyip Erdogan kicked off a military offensive in Syria. The iShares MSCI Turkey ETF was down 1.8% in Wednesday trading and was on track to decline for three consecutive sessions, which would mark its longest losing skid since the five-session period ended Aug. 22, according to FactSet data. Turkey had long threatened an attack on the Kurdish fighters whom Ankara considers to terrorists.President Donald Trump agreed to withdraw U.S. troops from Syria and hand control to Turkey, leaving Syrian Kurds who helped the U.S. in a fight against Islamic State, vulnerable to Turkish attack. Meanwhile, Turkey's lira was down 0.5% against the U.S. dollar. The dollar last bought 5.8562, compared with 5.8317 lira late Tuesday in New York. --with Associated Press
President Donald Trump took a fresh slap at the impeachment inquiry against him, defending his administration’s decision to direct the U.S. ambassador to the European Union not to testify before House lawmakers.
President Donald Trump on Monday threatened Turkey’s economy if the country takes what he called “off limits” actions, and blasted Democrats amid the latest development in the effort to obtain his tax returns.
Turkey's central bank dramatically cut interest rates by 3.25 percentage points, cutting its key rate to 16.5% from 19.75%. "Recently, advanced economy central banks have started to adopt more expansionary policies as global economic activity weakened and downside risks to inflation heightened. While these developments support the demand for emerging market assets and the risk appetite, rising protectionism and uncertainty regarding global economic policies are closely monitored in terms of their impact on both capital flows and international trade," the central bank said. The dollar fell to 5.6810 lira from 5.7512.
The Federal Reserve has now stopped its monetary tightening, yet the most vulnerable emerging market currencies are still falling like flies. The reason why monetary tightening pressures weaker currencies of countries with inadequate foreign-exchange reserves is that it tends to push the dollar higher via higher U.S. interest rates. If the host country has been on a dollar-borrowing spree, higher U.S. rates and stronger dollar tend to make those debts harder to service and roll over.