Yahoo Finance U.S. Dollar Surges as Turkish Economic Worry Wanes
Investing.com - The U.S. dollar was stronger against other currencies on Tuesday, as political tensions eased and the Turkish lira recovered.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, increased 0.31% to 96.46 as of 11:48 AM ET (15:48 GMT).
The Turkish lira rallied on Tuesday, breaking a 5-day losing streak after the country's central bank pledged to provide liquidity in response to a meltdown that has unsettled global markets. Turkish Finance Minister Berat Albayrak is expected to hold a conference call with investors from the U.S., Europe and the Middle East on Thursday, his first since assuming the post almost two months ago.
The struggling currency sank to an all-time low of 7.1289 against the dollar on Monday amid growing concern over a deepening diplomatic rift with the United States over Ankara's detention of Andrew Brunson, an American pastor detained in 2016, whom Turkey says was part of a coup that year.
USD/TRY fell 5.97% to 6.4388.
The dollar was higher against the safe-haven yen, with USD/JPY increasing 0.16% to 110.88. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.
The euro was lower, with EUR/USD falling 0.46% to a 15-month low of 1.1357. Sterling was also lower, with GBP/USD down 0.22% to 1.2741.
Meanwhile the Australian dollar was down, with AUD/USD slumping 0.36% to 0.7244, while NZD/USD was up 0.17% to 0.6589. The loonie was higher against the greenback, with USD/CAD down 0.25% to 1.3101.
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