Turkey's Erdogan: US should think very carefully before imposing sanctions on Turkey, TRY weakens

Turkish President Tayyip Erdogan crossed the wires in the last minutes saying that the U.S. should think very carefully before imposing sanctions on Turkey. "The U.S. has not given Turkey a very good deal on Patriot missile systems," Erdogan argued. "If Washington imposes sanctions on Turkey, Ankara will respond with reciprocal sanctions."

With the initial market reaction, the USD/TRY pair jumped to a daily high of 5.82 and was last seen at 5.77, where it was down 0.2% on a daily basis.