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The lira surged 7% after Turkey hit back at US ‘attacks’ by slapping American cars, alcohol, and tobacco with huge tariffs

August 15, 2018

LONDON — Turkey’s downtrodden currency, the lira, surged on Wednesday morning hours after the country’s government hit back at what it believes are “deliberate attacks” against its economy by the US, by levying significant tariffs against American goods.

Around 8.00 a.m. BST (3.00 a.m. ET), the lira made a rapid and large upwards movement against the dollar, briefly moving back below six to the dollar, and reversing some of the big downwards moves seen over the last week.

By 8.30 a.m. BST (3.30 a.m. ET) the lira was trading at roughly 6.08 to the dollar. The lira, however, remains more than 14% lower than at this time last week.

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