Qatar pledges $15bn of direct investments in Turkey - Ankara

People check currency exchange rates at a currency exchange office in Istanbul Turkey

People check currency exchange rates at a currency exchange office in Istanbul Turkey

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Kalin also told a news conference on Wednesday that Turkey will take a positive stance towards trading in national currencies to escape from United States dollar pressure.

WASHINGTON - The White House warned on Wednesday that Turkey is increasingly trending away from United States interests, furious over the continued detention and trial of an American pastor in Ankara.

Turkey's President Recep Tayyip Erdogan, gestures as he delivers a speech to Turkish ambassadors at the Presidential Palace in Turkey, Monday, Aug. 13, 2018.

During the meeting, Qatar pledged $15 billion in direct investments in "Turkey's financial markets and banks", Turkish officials said.

The Lira has lost more than 40 percent against the dollar this year, driven by worries over Erdogan's growing influence over the economy.

Turkey slaps retaliatory tariffs on key US goods, escalates feud
Brunson has appealed again to a Turkish court to release him from house arrest and lift his travel ban, his lawyer told Reuters on Tuesday.

The White House on Wednesday condemned Turkey for boosting tariffs on US imports, the latest confrontation between the two North Atlantic Treaty Organisation allies.

Turkey announced on Wednesday a string of new tariffs ranging from 50 to 140 per cent on rice, alcohol and cars from the retaliation for Trump's move to slap taxes on Turkish steel and aluminum imports last week.

"The tariffs from Turkey are certainly regrettable and a step in the wrong direction".

Evangelical pastor Andrew Craig Brunson has found himself at the centre of a war of word between USA President Donald Trump and Turkey President Recep Erdogan.

White House Press Secretary Sarah Huckabee Sanders said a further deterioration could be averted if Erdogan agrees to let Brunson go.

Although he was released to home detention, Brunson faces a prison sentence of up to 35 years if he is convicted on both counts at the end of his ongoing trial.

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Around 8.00 a.m. BST (3.00 a.m. ET), the lira made a rapid and large upwards movement against the dollar, briefly moving back below six to the dollar, and reversing some of the big downwards moves seen over the last week. Cavusoglu said ties with the bloc, long strained, were on a firmer basis and had started normalising. The lira has recovered somewhat from recent lows as the government cut the daily limit in the exchange of currencies with foreign countries.

"The tariffs are specific to national security", she said. The recovery also spilled into the bond market, with yields on 10-year local debt falling 28 basis points to 21.1 percent. "The central bank has not done this through a change in the benchmark rates, but they are squeezing liquidity, so the result is the same", Maggio said.

The Turkish lira firmed to 5.8699, from 6.04 to the USA dollar after the news.

The lira on Tuesday rebounded about 8 percent, helped by news of a planned conference call today in which Turkish Minister of Finance Berat Albayrak is to seek to reassure worldwide investors.

There was no resolution to the Brunson case in sight.

Pastor Andrew Brunson's lawyer had on Tuesday renewed an appeal for the clergyman's release from house arrest and for his travel ban to be lifted. A higher court however, was scheduled to review the appeal, the agency said.

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