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Turkey’s currency jumps after Washington and Ankara reportedly reach deal to release detained American pastor
The Turkish lira jumped Thursday after reports said its government could release a detained American within days, a step toward resolving tensions between Washington and Ankara that have helped roil the currency in recent months.
As trade tensions between the world's largest economies continue to escalate, the US has warned China not to weaken its currency as an alternative to tariffs.
The head of Argentina's central bank unexpectedly resigned Tuesday after three months on the job, delivering a blow to the worst-performing currency of 2018.
The Mexican peso jumped Monday after the US and Mexico reached a breakthrough on NAFTA, clearing the way for to an end to sluggish trade negotiations among the two countries and Canada that have dragged on for more than a year.
For decades in the US, government officials on both sides of the aisle have generally made a point to back a strong dollar in public — especially those in the Oval Office. President Donald Trump, on the other hand, has repeatedly lashed out about a strengthening greenback.
One analyst said a pattern is starting to emerge showing "the president willing to talk the USD lower whenever it starts to look a bit toppy."
Trump doubles down on claims that China and the EU are currency manipulators and warns: ‘I’ll still win’
"What they’re doing is making up for the fact that they’re now paying ... hundreds of millions of dollars and in some cases billions of dollars into the United States Treasury," Trump told Reuters.
Trump is reportedly preparing to weaken the dollar — here’s why it will be nearly impossible and won’t really fix anything
Interventions from major economies are rare except in the most exceptional circumstances, and are not usually undertaken simply because a leader is unhappy with the strength of their currency.
‘Getting the dollar wrong is deadly’: A rapid rise in the dollar could cause a domino effect across emerging markets
A rallying dollar has been clobbered emerging market currencies this year, and analysts warn it could soon appreciate further and faster.
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%.