Turkey's Erdogan calls on Turks to buy lira for 'national battle'

He declared: "Our relations with Turkey are not good at this time!" Trump and Vice President Mike Pence threatened on July 26 to impose sanctions on Turkey if the pastor is not set free and allowed to return to the United States.

Pressure on Turkey is also coming from US Congress that moved late last month to block further F-35 deliveries to Turkey until it cancels the S-400 defence system deal with Russian Federation and Brunson is released.

Trump tweeted he had authorized a 20 percent duty on aluminum and 50 percent one on steel.

As investors piled into "safe" bonds, German yields hit three-week lows and yields on US 10-year Treasuries fell to 2.8913 percent.

Ankara's rocky relations with Washington took a further hit as President Donald Trump lobbed fresh salvoes via Twitter against Turkey, plunging the sagging Turkish lira to new lows against the dollar. The White House said he had authorized them under Section 232 of USA trade law, which allows for tariffs on national security grounds.

"In this process, we will finely work every single detail as a wide spectrum including all national and global stakeholders", he said in the first part of his speech, referring to Turkey's Medium-Term Economic Plan (OVP), which will soon be renamed.

The lira fell as much as 18 per cent against the USA dollar in its worst day since Turkey's financial crisis of 2001.

Turkey said it would respond to the new US tariff action "without delay" and warned the move would further harm relations between the two countries.

Turkish newspaper Hurriyet and other media reports quote Erdogan as making the comment to a group of worshippers following traditional Muslim Friday prayers during a visit to the northern city of Bayburt.

While Turkey and the United States disagree over a host of issues, the most pressing disagreement has been over Brunson and the detention of other U.S. citizens in Turkey.

Liverpool boss Jurgen Klopp still expects players to leave
It was pretty normal there would be one season when we would spend more money. You dive in the water and now let's go for it until we don't have enough air.

The lira fell 7% against the dollar to 5.9655 on Friday morning after hitting an all-time low earlier in the session.

A statement from the Kremlin said the two leaders discussed economic and trade ties.

The lira's fall has been made worse by President Recep Tayyip Erdogan's statements on economic policy.

"Officials are reportedly preparing stimulus measures in a bid to prop up growth, but these would simply exacerbate Turkey's economic vulnerabilities and could ultimately tip the country into a full-blown crisis, " Capital Economics said in a commentary.

They are also concerned over the central bank's ability to rein in persistent double-digit inflation with the president repeatedly calling for lower rates.

"Don't forget, if they have their dollars, we have our people, our God", he said. That caused a further drop in the lira.

UBS chief economist for EMEA emerging markets Gyorgy Kovacs said a giant rate hike of 350-400 basis points would be "consistent with real rate levels that in the past helped to stabilise the currency" but warned a deal to normalise ties with the USA may also be needed.

Meanwhile, Turkish Treasury and Finance Minister Berat Albayrak is expected to present a new economic development doctrine for the country on Friday.

The trouble is that for all of Albayrak's talk of Central Bank independence, Erdogan is fiercely opposed to any interest rate hikes, which are widely seen as necessary to stem the bleeding.

The lira's plunge has featured remarkably little on Turkish television channels and newspapers - most of which after recent ownership changes are loyal to the government - with media focusing instead on recent flooding by the Black Sea. The tech-heavy Nasdaq composite was down 83 points, or 1.1%, poised to end an eight-day winning streak.

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