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Turkey: the argument with the U.S. deepened, with the Trump team ready to up the ante if the American Pastor is not released. Vice President Pence and other officials played to the evangelical base over the matter. The lira continued to plunge, even after steps were taken to squeeze short sellers. Erdogan called for a boycott of U.S. electrical goods, while his son-in-law finance minister failed to inspire confidence.
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Turkish Outreach: Qatar offered US$15bn in investment to Turkey, returning the favour after receiving much help during the Qatar-Saudi standoff. Europe is being targeted for an upgrade in relations, in part via the release of two Greek soldiers, although yet another German citizen of Turkish origin was arrested.
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EM Currencies: Lebanon, India and many others are under increasing pressure to maintain FX levels. Turkey, Russia and Iran are all looking to conduct more trade outside of the U.S. dollar system. Russia has stated that it believes the dollar’s days as the globally dominant currency for trade are numbered. Speculation has started up again regarding whether the U.S. will label China a currency manipulator.
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European Commission: investigation started into investment for citizenship schemes in Cyprus and Malta.
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