Connect with us

Hi, what are you looking for?

Forex

Lira Declines After U.S.-Turkey Meeting Failed to Make Progress By Bloomberg

Lira Declines After U.S.-Turkey Meeting Failed to Make Progress


© Reuters. Lira Declines After U.S.-Turkey Meeting Failed to Make Progress

(Bloomberg) —

Turkey’s lira fell for a second day, continuing to shed last week’s gains after a much-anticipated meeting between the U.S. President Joe Biden and Turkey’s Recep Tayyip Erdogan failed to produce a breakthrough that would ease political tensions.

The weakened as much as 1.1% against the dollar on Tuesday, leading declines among emerging market currencies a day after Erdogan met with President Joe Biden on the margins of a NATO summit in Brussels. The yield on bonds jumped 16 basis points to 18.20%, while the benchmark was little changed.

Erdogan Says Turkish Stance on Russian S-400 Missiles Unchanged

The currency rallied more than 3% last week, notching up the best performance from an emerging market currency on optimism that the meeting between the heads of state of two NATO members could ease tensions between the countries.

However, Erdogan’s remarks that Turkey’s stance on its purchase of Russian S-400 missile systems remains unchanged dashed hopes for imminent progress.

Although the two leaders “stated that their teams would continue discussions,” no major breakthroughs were announced, a factor that led the lira to surrender some last week’s gains, Istanbul-based Seker Investment wrote in a morning note.

©2021 Bloomberg L.P.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Technology

Cybercriminals Adopt the Blockchain to Broadcast confidential Messages A group of analysts from SophosLabs represents that programmers working the crypto-jacking malware, Glupteba, have been...

Technology

PUBG unban in India soon as PUBG Corp. Will The Government Of India Unban PUBG? PUBG Mobile was Ban in India, PUBG organization has...

Technology

A standard method to execute Bitcoin could be powerless against double-spending, the new examination has found. Blockchain sleuths at ZenGo, a wallet startup, have...

BlockChain News

HDD mining, also known as “storage mining”, is a process of obtaining cryptocurrency based on hard disk memory. Compared with traditional POW mining, hard...