With stocks tumbling into the Friday close following the collapse of the Turkish lira,, and with Trump a stickler for no red days especially when he is on vacation, traders were wondering where today’s stick save would come from. We got the answer moments ago when Trump’s attorney – or rather one of many – Jay Sekulow said that the Trump administration is “getting close to a resolution” on the case of Pastor Brunson who is held by Erdogan under house arrest, and was the catalyst for today’s latest Trump sanctions lobbed at Turkey.
- SEKULOW SAYS CLOSE TO GETTING RESOLUTION ON TURKEY-PASTOR CASE
There was no further detail, and no indication that this is not just a talking point which is completely devoid of any of today’s context, which saw not only Trump double down on Turkish sanctions, but also ended with Turkey vowing to retaliate to US sanctions.
In kneejerk reaction, the USDTRY dropped some 20 large figures, pushing US futures higher in the process.
Then again, with the Pastor at best a sideshow to the problems facing Turkey, of which first and foremost is Erdogan’s unwillingness to raise rates, call the IMF for help, or enact capital controls, we are confident it’s only a matter of time before the selling resumes.