Erdogan says attempts to exert economic pressure on Turkey futile

Lira's value has dropped amid growing concerns about Mr Erdogan's expanding powers

Turkey's currency hit a record low against the U.S. dollar and euro early on Friday, falling around 7% against the dollar after initially losing 12%.

Meanwhile, concerns were intensified on August 10 by a report in the Financial Times that the supervisory wing of the European Central Bank (ECB) had over the last weeks began to look more closely at eurozone lenders' exposure to Turkey.

However, a defiant Erdogan brushed aside concerns, telling a roaring crowd of Turks in the Black Sea city of Rize not to worry.

The currency is under pressure on multiple fronts, with no progress reported in a dispute with the U.S. over the jailing of an American citizen over allegations, which he denies, that he supported an attempted coup in 2016. "Now all of a sudden a currency crisis in Turkey could trigger another dimension to their own financial problems".

Mourinho loses power battle as United board opt against defensive signings
Tottenham Hotspur manager Mauricio Pochettino has shed some light on defender Toby Alderweireld's future in north London. Paul Pogba, Ashley Young, Fellaini and Jesse Lingard may yet be involved against Leicester tonight.

President Recep Tayyip Erdogan has called on Turks to "have no worries" after the national currency lira hit a new record low amid political tensions with the USA.

FILE PHOTO: A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul, Turkey August 2, 2018. A strengthening dollar and higher USA interest rates are making life hard for the weakest emerging markets. The data is expected to show inflation increased 0.2 percent, after rising 0.1 percent in June. Spot gold XAU= fell 0.3 percent to trade at $1,207.15 per ounce.

The dollar index.DXY, which measures the greenback's strength against a group of six major currencies, breached the 96 level, taking it to its highest level since July 2017. It was last up half a percent at 95.986. Overnight it had retreated to its lowest since November 2016 on threats of new USA sanctions, weakening beyond the psychologically important 65-per-dollar threshold. The dollar, which traders buy in times of financial concern, was up against most other currencies.

In commodities, USA crude oil CLc1 fell 0.5 percent to $66.51 a barrel, while Brent crude LCOc1 was 0.4 percent lower at $71.77 per barrel.

Related:

Comments

Latest news

At least 4 dead in Fredericton after Brookside Drive-area shooting
The incident in the capital of the Canadian province New Brunswick is still ongoing. At least four people have been killed in a shooting in Canada , police confirmed.

Winnie the Pooh Banned in China. Uncanny Affinity With President Xi?
Cathleen Taff, head of distribution for Disney , has confirmed with Sky News that the film had been denied a China release. The live-action film, which premieres in India on August 10 released worldwide this Friday except in China.

Cam Newton, Kelvin Benjamin exchange words
As fate would have it, the Panthers and Bills will meet Thursday night in Buffalo for their first preseason game. Anybody! QBs with knowledge, who know how to place a ball and give you a better chance to catch the ball.

Last Meetings - Everton Finalising Yerry Mina and Andre Gomes Arrivals
Manchester United had expected to sign Mina after submitting a fresh £35million bid for the Colombia defender earlier this week. Everton trebled their tally of summer signings from Barcelona on a productive deadline day for new manager Marco Silva .

Devin Nunes accidentally revealed his master plan to everyone
I mean, so, I don't think you're gonna get any argument from most of our colleagues. Rachel Madow, of MSNBC , obtained the recording of Nunes at a fundraiser for Rep.

Seahawks remain in tunnel during national anthem
Some players held their fists in the air, while others chose to kneel, despite the controversy surrounding the action. Quinn stood and raised his right fist, as he did during the anthem last season with the Rams.

Coaches, players still off-limits at Ohio State
Meyer initially denied that he knew anything about the 2015 accusation before issuing a statement Friday that reversed course . Julia Leveridge released a statement Monday that read, in part, that "while The Ohio State University has never contracted Ms.

Wake Forest coach sends condolences to dead tourist's family
Detectives are continuing their investigation and could upgrade the charges in part depending on what the medical examiner finds. Jones is accused of punching 35-year-old, Sandor Szabo, who is from Florida, and was in NY for a wedding in Long Island.

Jose Mourinho doesn't expect any deadline day signings at Manchester United
As for the main challengers, Neville lists United, Liverpool and Chelsea are the only potential rivals for City's crown. Gary Neville was speaking to promote Cadbury as the official snack partner of the Premier League .

Indonesia natural disaster death toll almost triples to 347
A powerful 5.9-magnitude aftershock has struck Indonesia's Lombok Island just four days after a 6.9-magnitude quake. More than 120 people died in Kayangan as a result of the quake, according to the state-run Antara news agency.

Malaysian ex-PM Najib charged with money-laundering
The new government reopened the investigations stifled under Mr Najib's rule and barred him and his wife from leaving the country. If found guilty, he may be sentenced to a maximum 15 years in jail for each charge.

Kawhi thanks SA in 1st statement since trade
THANK YOU to the fans! "I'll never forget what we have shared and accomplished together", Leonard wrote . DeRozan openly criticized Masai Ujiri, claiming the Raptors president promised he wouldn't trade him.

'Insulting': North Korea hits out at US for call to enforce sanctions
The United States was "attempting to invent a pretext for increased sanctions against the DPRK". The White House did not respond to requests for comment.

Liverpool 3-1 Torino: Reds end pre-season with victory at Anfield
Liverpool finished 25 points adrift of champions Manchester City last season, but they have enjoyed a positive pre-season and will open the new campaign in buoyant mood at home to West Ham on Sunday .

Everton complete triple deal for Mina, Andre Gomes and Bernard
Everton had a Deadline Day to remember after pulling off the triple capture of Bernard , Yerry Mina and Andre Gomes . Everton's season-long loan deal for Portugal's Gomes will see them pay 2.25 million euros and the player's wages.

Other news