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Potential Financial Meltdown in Turkey as Lira Reaches Record Low

Published August 10, 2018
  • The lira plunged as much as 13.5% to reach a new all-time low of 6.3005 to the dollar. Contagion spread to euro-area lenders as the European Central Bank is becoming concerned about the exposure of some of the region’s banks to Turkey. The weekly gains in the S&P 500 are at risk of being wiped out by what may become a full-scale financial meltdown in Turkey.
  • The UK economy expanded 0.4% in the second quarter, in line with forecasts. The pound which had hit a one-year low against the dollar earlier, regained some ground to trade at $1.2781.
  • Canada could soon be returning to the NAFTA talks as the US and Mexico approach agreement on a deal over cars. When asked Thursday whether negotiations next week would include Canada, Mexico’s Economy Minister Guajardo said “hopefully” once the US and Mexico advance their talks.
  • US inflation is expected to hold at 2.9% in July when the data is released at 8:30 a.m. with core inflation likely to repeat June’s 2.3%. The Federal Reserve will monitor the data closely, as the readings are a preferred inflation gauge.