Turkey's Gold Futures Trading Doubled During the Currency Crisis

Andrew Brunson centre was released from prison but put under house arrest last month. If found guilty he faces 35 years in jail

Analysts question the effectiveness of any Turkish boycott of US goods and view Turkey's tit-for-tat taxes - imposed Wednesday on American exports, including cars, tobacco and alcohol - as mostly symbolic because they have relatively little value to a global trade giant engaged in similar disputes with China and other major economies.

Vice President Fuat Oktay tweeted that the new tariffs were retaliation for "the deliberate attack of the US administration on our economy", CNN said.

The lira was at 6.49 to the dollar, a gain of 4.5 percent on the day and 7.50 to the euro, well off the record lows of 7.24 to the dollar and 8.12 to the euro seen Monday.

Turkish President Tayyip Erdogan has said in recent public speeches that Turkey and its economic allies do not need to use the dollar to conduct bilateral trade.

Erdogan also renewed a call for Turks to convert their dollars into the lira, to help strengthen the currency.

Erdogan on Tuesday said Turkey would boycott United States electronic goods like iPhones, even though he has himself been photographed repeatedly using the product himself.

Qatar pledged $15 billion of investment in Turkey that will be channeled into Turkish financial markets and banks, a government source told Reuters on Wednesday.

Moody's Investors Service said a downgrade of Turkey's sovereign credit rating will hinge on the policies it takes to reduce risk of a balance of payments crisis amid an escalating standoff with the United States.

"Turkey, a longtime North Atlantic Treaty Organization (NATO) ally, has been caught between the West and Russian Federation".

The turmoil has raised fears of a looming economic crisis in Turkey and prompted alarm that foreign investors in the country, including Qatar, could be hit in the fallout.

In the wake of United States sanctions on Turkey, President Recep Tayyip Erdogan reached out to German Chancellor Angela Merkel to point out that it's in Germany's interest for Turkey to have a strong economy.

Turkey and Qatar historically have been good diplomatic partners. A higher court was however, was scheduled to review the appeal, the agency said.

The evangelical pastor, who is originally from Black Mountain, N.C., has lived in Turkey for 23 years and led the Izmir Resurrection Church.

An evangelical from North Carolina, he has been held in Turkey for almost two years over alleged links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup in 2016. Brunson denies the charges, noting that his Christian faith makes him incompatible with both groups.

This comes after defense attorneys for pastor Andrew Brunson renewed an appeal on Tuesday, ordering the Turkish government to release their client from house arrest and lift his travel ban.

Yahya Ustun, the airlines senior vice president for media relations, tweeted under the hashtag "don't give advertisements to the U.S." that "we, as Turkish Airlines, are taking our place alongside our state and people".

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