Turkish lira tumbles to fresh low

Andrew Brunson an American pastor is released to home detention last month in Izmir Turkey

The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, March 20, 2018.

The lira lost 12pc against the dollar on Friday following an escalation of the tensions between Turkey and America.

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.

The report said that the situation is not yet seen as "critical" but Spain's BBVA, Italy's UniCredit and France's BNP Paribas are regarded as particularly exposed.

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Turkey's lira hit a new record low against the USA dollar in early trade on Friday, as concerns over a widening rift with the United States persisted after a Turkish delegation returned from talks in Washington with no apparent solutions to the crisis. A strengthening dollar and higher US interest rates are making life hard for the weakest emerging markets. Further declines in the local currency will also start to see further potential spillover effects to European banks across the region (due to their credit exposure) and that will hurt equities sentiment even further and exacerbate the current risk-off mood even more. Going in the opposite direction was the safe-haven Japanese yen, which hit a one-month high against the dollar. Spot gold XAU= fell 0.3 percent to trade at $1,207.15 per ounce. The currency has shed 22pc of its value since late July.

Adding to emerging market currency woes was the Russian rouble, RUBUTSTN=MCX weakened to 67.12 to the dollar.

"Other EM currencies have held their ground against the dollar, having generally been weakening previously", said analysts at Capital Economics. "While they have dollars, we have our people, law and Allah", the Turkish leader said addressing citizens in the Black Sea city of Rize.

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.

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