Turkish Lira Firms After Trump-Erdogan Phone Call
Turkey’s lira firmed nearly 1% on Thursday on expectations that ties with Washington will improve after the two presidents discussed Ankara’s purchase of Russian S-400 missile defense systems during a call, Reuters reports.
The lira was down as much as 14% this year due in part to growing friction between the NATO allies and the risk that delivery of the Russian-made surface-to-air weapon would trigger U.S. sanctions. Washington says the S-400s would compromise its F-35 fighter jets.
During Wednesday’s call, Turkish President Tayyip Erdogan reiterated to U.S. President Donald Trump a proposal to set up a working group to assess the impact of the S-400s. The two also agreed to meet on the sidelines of a G-20 summit in Japan at the end of June.
The lira stood at 5.9650 at 0838 GMT, firming nearly 0.85% from Wednesday’s close of 6.0155. Earlier, it firmed as much as 5.9625, its strongest in more than two weeks.
Turkey’s dollar-denominated sovereign bonds also surged, with the 2030 issue up 0.9 cents on the dollar, its most in two weeks, according to Tradeweb data. The 2045 issue climbed 0.7 cents.
The call between the leaders sparked hopes that there may be a deal regarding the missile defense system and remove the threat of sanctions on Turkey, said Jason Tuvey, senior emerging markets economist at Capital Economics.
“The default remains that Turkey will take delivery of the S-400s from Russia. So, investors will need to see some further steps over the coming weeks to feel more confident that tensions are de-escalating,” he said.
- Trump to Discuss Turkey With GOP Senators at White House Next Week Citing two officials familiar with the matter, the report noted that the meeting, which will address "Turkey sanctions," will take place at 4 p.m. on Tuesday.
- EU Agrees Sanctions Against Turkey for Drilling off Cyprus The EU last month warned Turkey it could face sanctions if it did not cease what the bloc called "illegal" drilling in Cyprus's exclusive economic zone.
- Trump Aides Pick Sanctions to Punish Turkey for Russian Missiles The administration chose one of three sets of actions
- First Shipment of Russian S-400 Systems Delivered to Turkey "The delivery of parts belonging to the system will continue in the coming days," Turkey's defence industry directorate said separately.
- US Urges Turkey to Stop Oil Drilling Off Cyprus There has been no comment so far from Turkey which sent a drilling ship to the Mediterranean off Cyprus Monday, sparking a protest by the Greek Cypriots.
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