Euro slips on Turkey angst, dollar holds firm [CNBC]
SVB Financial Group (SIVB)
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Source: CNBC
The euro fell on Tuesday, hitting 13-month lows against the dollar and Swiss franc, as traders fret over the exposure of European banks to Turkey, whose currency rebounded from an all-time low. The Turkish lira has lost more than 40 percent of its value against the dollar this year, hit by worries over President Tayyip Erdogan's calls for lower interest rates and fraying ties with the United States. On Tuesday, however, the lira recovered some ground, trading at 6.4350 to the dollar, up 6.7 percent on the day, after plunging to an all-time low of 7.24 on Monday. Sanctions imposed by Washington on Ankara have stoked anxiety about Turkey's economy, which is already bogged down by double-digit inflation. The currency was supported by Turkish finance minister Berat Albayrak's remarks at a news conference, where he said the lira will strengthen. I don't believe it's all over, said Minh Trang, senior currency trader at Silicon Valley Bank in Santa Clara, California. We are jus
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