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Lira Declines After U.S.-Turkey Meeting Failed to Make Progress

Forex1 hour ago (Jun 15, 2021 05:00AM ET)

(C) Reuters. Lira Declines After U.S.-Turkey Meeting Failed to Make Progress

(Bloomberg) —

Turkey’s lira fell for a second day, continuing to shed last week’s gains after a much-anticipated meeting between the U.S. President Joe Biden and Turkey’s Recep Tayyip Erdogan failed to produce a breakthrough that would ease political tensions.

The lira weakened as much as 1.1% against the dollar on Tuesday, leading declines among emerging market currencies a day after Erdogan met with President Joe Biden on the margins of a NATO summit in Brussels. The yield on 10 year bonds jumped 16 basis points to 18.20%, while the benchmark Borsa Istanbul 100 Index was little changed.

Erdogan Says Turkish Stance on Russian S-400 Missiles Unchanged

The currency rallied more than 3% last week, notching up the best performance from an emerging market currency on optimism that the meeting between the heads of state of two NATO members could ease tensions between the countries.

However, Erdogan’s remarks that Turkey’s stance on its purchase of Russian S-400 missile systems remains unchanged dashed hopes for imminent progress.

Although the two leaders “stated that their teams would continue discussions,” no major breakthroughs were announced, a factor that led the lira to surrender some last week’s gains, Istanbul-based Seker Investment wrote in a morning note.

(C)2021 Bloomberg L.P.

Lira Declines After U.S.-Turkey Meeting Failed to Make Progress

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