EUR/USD consolidates Turkey fears-led slide to 1.1430, US CPI eyed

We look the issue straining relations between the USA and Turkey.

A Turkish delegation returned from a meeting with Trump administration officials in Washington on Thursday with no apparent progress on a conflict over an American pastor who has been detained in Turkey for almost two years.

Without naming countries, Erdogan said supporters of a failed military coup two years ago, which Ankara says was organised by a US-based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago.

Iran has also suffered a major tumbling of its currency this year partly over the reimposition of United States sanctions after Trump abandoned the 2015 nuclear deal.

Turkey's currency plunged to fresh all-time lows against the dollar Friday after President Donald Trump announced in a tweet that he would double tariffs on aluminum to 20% and on steel to 50%.

"The issue that global investors now need to take into consideration is that the recipe for a currency crisis in Turkey is now presenting a risk of a contagion knock-on effect across other markets", Ahmad said.

It came as a Turkish delegation returned from the United States, reporting no progress on negotiations involving a US pastor imprisoned in Turkey.

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Turkish officials insist the outcome of Brunson's case exclusively relies on the judiciary, a claim the USA has refused to buy in the light of Erdogan's earlier suggestions to swap him with Turkish opposition exiles residing in the US.

Last week, the USA imposed sanctions on Turkey's justice minister and interior minister for refusing to release American pastor Andrew Brunson, who had been in custody since 2016 on charges of terrorism and espionage that Washington says are bogus. As recently as April the ratio was about four lira per dollar. "This will be the response to those who have declared an economic war". "Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies", Erdogan said.

"We can only say "good-bye" to anyone who sacrifices its strategic partnership and a half century alliance with a country of 81 million for the sake of relations with terror groups", he said.

Brunson was arrested in October 2016 on charges of being an American spy and terrorist complicit in the failed coup attempt against Erdogan in the summer of 2016. Gulen denies the allegation.

Jay Sekulow, an attorney for Trump who is also representing Brunson's family, told talk-show host and political commentator Sean Hannity's radio program on Friday: "We're close to getting a resolution in that case".

Erdogan enjoys the support of many Turks even though rents and food and fuel prices have all surged.

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