020 7898 0500Yesterday, Qatar came to Turkey’s aid with a pledge to invest $15 billion into Turkey. This was an attempt to back Turkey during the ongoing Turkey-USA stalemate which has been unfolding. This saw a small prop for the Turkish Lira, boosting it back to previous levels versus the US dollar. It seems this may well be short lived, as Treasury Secretary Steven Mnuchin, announced they are prepared to impose further tariffs should Turkey continue the detention of Pastor Brunson. Further, US stocks reported a rally after the retail giant, Walmart, reported its best sales growth in over a decade.
Looking to the day ahead, no major announcements, but when so highly exposed to geopolitical events, this is no reason for the US dollar to stagnate. Against a basket of currencies, the dollar has risen nearly 5%, reaching levels only seen once in the past. Could the dollar become more sought after than ever before?
