Turkish high court rejects appeal for United States pastor Brunson's release

Resurgent dollar sends commodities reeling again

The euro rose for a second day in a row on Friday as hopes that next week's talks between the United States and China will ease trade tensions between the two pushed the dollar lower.

Analysts say Turkey is likely to seek a more dynamic economic relationship with China and Russian Federation, with whom ties have warmed considerably in recent years.

Asian shares won a modest reprieve on Friday after China and the United States agreed to hold their first trade talks since June next week and as the Turkish lira extended gains from its record low earlier this week. The minister ruled out any move to limit money flows - which is a possibility that worries investors - or any assistance from the International Monetary Fund, NTV said. And as the currency drops, that debt becomes so much more expensive to repay, leading to potential bankruptcies. Earlier this week, Turkish President Recep Tayyip Erdogan announced his country would boycott USA -made electronics.

Heavy selling in recent weeks has spread to other emerging market currencies and global stocks and deepened concerns about the economy, particularly Turkey's dependence on energy imports and whether foreign-currency debt poses a risk to banks.

He has tightened his grip since consolidating power after general elections this year.

Turkish Finance Minister Berat Albayrak and his French counterpart Bruno Le Maire on Friday discussed USA sanctions against Turkey and agreed to act together, the Turkish ministry said in a written statement.

FILE PHOTO: A USA dollar banknote is seen on top of 50 and 100 Turkish lira banknotes in this picture illustration in Istanbul, Turkey August 14, 2018.

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US President Donald Trump attacked Turkey on Friday, saying the North Atlantic Treaty Organisation ally is not a friend and had made up espionage charges against an American pastor detained in the country. In retaliation, a Turkish court refused to release Brunson, and the Turkish government raised its tariffs on imports of American cars, alcohol and tobacco. She wouldn't be drawn on whether the Trump administration would respond.

"We have put sanctions on several of their cabinet members", said Mnuchin.

Earlier on Thursday, Treasury Secretary Steve Mnuchin hinted at more sanctions over Brunson, saying, "We have more that we are planning to do if they don't release him quickly". "They are now holding our wonderful Christian Pastor, who I must now ask to represent our Country as a great patriot hostage".

Turkey's banking watchdog has taken steps to stabilise the currency, limiting futures transactions for offshore investors and lowering limits on swap transactions.

The previous day two Greek soldiers held by Turkey since March for illegally crossing the border were also freed in a move warmly welcomed by Athens.

It gained some support from the announcement late on Wednesday of a Qatari pledge to invest $15 billion in Turkey. The decision came after Qatar's emir, Sheikh Tamim bin Hamad Al Thani, met with Turkish President Recep Tayyip Erdogan in Ankara.

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