US dollar stronger again, lira down after short-lived upturn

Posted 15 August, 2018

The US dollar shows some gains in the mid-week. At the same time, the Turkish currency weakens again following the yesterday's upturn.

This morning, the euro to US dollar decreased to $1.1342, while the Tuesday session was closed at $1.1344. The greenback showed positive dynamics against the Japanese yen as well. The rate was seen at 111.28 (111.15 earlier).

The yuan to the US dollar exchange rate decreased to 6.8990 (6.8842). However, some analysts believe that the PBOC will not let the national currency plunge, so the yuan will change hands at 6.8-7.

As for the Turkish currency, lira is losing grounds on Wednesday. The US dollar moved up to 6.4 against the lira (6.35 earlier). Yesterday, the lira improved vs the US dollar to 6.35 per $1 (8.4% up) following the previous collapse of 13.7% last Friday.

According to the fresh reports, Turkey has decided to raise import duties on some US-origin products, in particular, passenger cars, alcohol, tobacco, rice, coal and cosmetics. Specifically, the tariffs on cars will be hiked to 120%, alcohol and tobacco – 140% and 60% respectively.

At the same time, Donald Trump last week stated that Washington would double tariffs on imports of Turkish steel and aluminium to 50% and 20% respectively.

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15 August, 2018 11:32

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