US Pres. Trump: Turkey’s S400 buys creates serious challenges for US

Anil Panchal FXStreet

The United States (US) President Donald Trump recently crossed wires after having a chitchat with his Turkish counterpart Recep Tayyip Erdoğan. While his initial comments show concerns over the S400 buys, Mr. Trump mostly praised Turkey and the latest meeting.

Key quotes

Turkey’s S400 buys creates serious challenges for US.

Directed (US Secretary of State) Pompeo, advisers to work for S-400 solution.

Had a wonderful, productive meeting with Turkey’s Erdogan.

Wants to thanks Erdogan for releasing detainee Serkan Golge.

Turkey is a great NATO ally.

US and Turkey relations have tremendous potentials.

Pleased with cooperation with Turkey on fighting terrorism.

Turkey has more than 200 Islamic state fighters incarcerated.

FX implications

The USD/TRY pair ticks up to 5.74 after the news. It portrays an overall rosy picture of the relations between the two nations. However, uncertainty surrounding the S400 buys from Turkey keeps the risk factor alive.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD weakens to four-week lows near 1.1750

EUR/USD’s selling pressure is gathering pace now, approaching the area of multi-week troughs in the mid-1.1700s on Thursday. The pair’s intense decline comes on the back of another day of solid gains in the US Dollar, particulalry exacerbated following firm prints from the weekly US labour market.

GBP/USD drops further, hovers around 1.3460

In line with the rest of its risk-linked peers, GBP/USD faces increasing selling pressure and recedes toward the 1.3460 region, or four-week lows, on Thursday. Cable’s persistent pullback comes in response to the continuation of the recovery in the Greenback amid a solid US data and a divided FOMC when it comes to the Fed’s rate path.

Gold clings to daily gains near $5,000

Gold struggles for direction and clings to its daily gains around the key $5,000 mark per troy ounce on Thursday. The precious metal sticks to the bid bias amid reignited geopolitical tensions in the Middle East and despite marked gains in the US Dollar and rising US Treasury yields across the curve.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.