Euro becomes collateral damage as Trump amps up Turkey pressure

Bloomberg/Katherine Greifeld/8-10-2018

“Turkey’s lira plunged to a record low Friday amid escalating tension over the detention of an American pastor, with Trump ordering some tariffs on Turkish metals to be doubled. The carnage quickly spread from emerging to developed markets: The euro sank as much as 1 percent to the weakest in more than a year, extending a drop triggered earlier by a Financial Times report that the European Central Bank raised concern about European banks’ exposure to Turkey.”

Chart courtesy of TradingEconomics.com

Related:  Dow drops more than 100 points on geopolitical concerns as Turkish lira plunges/CNBC

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