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The dollar advanced to a 13-month peak on Tuesday against a basket of major currencies as traders increased their safe-haven holdings of the US currency on worries about the fallout from the Turkish lira's recent fall. Tariffs were also doubled on goods such as cosmetics, rice and coal.

The Turkish lira rallied 3% on Thursday ahead of a presentation by Finance Minister Berat Albayrak to investors, shrugging off USA comments ruling out the removal of steel tariffs on Turkey even if it frees a U.S. pastor.

"Turkey isn't in favor of an economic war", Ibrahim Kalin said Wednesday, "but staying silent when attacked is out of question".

The dollar's stalling near its multi-month high came while President Donald Trump praised its recent strength on Thursday, even though he had said a strong greenback puts US exporters at a disadvantage. And Qatar's investment in Turkey was over $20bn, the second highest value of investments by any country in Turkey.

The euro recovered against dollar on Thursday as dollar fell after news that a Chinese delegation will travel to the United States for trade talks, with investors buying back into currencies hit hard in the recent sell-off.

"The tariffs that the United States placed on Turkey were out of national security interests, theirs are out of retaliation", she noted, refusing to reveal USA further actions to respond to Ankara's statement.

The officials said Qatar's Sheikh Tamin bin Hamad Al Thani pledged to "quickly implement" the investment package during a meeting with Mr Erdogan in Ankara. The relations are based on solid foundations and mutual appreciation between the two countries' leadership. Also helping the currency were moves by Turkey this week to gain favor with European countries, including releasing two Greek soldiers and an Amnesty International human rights campaigner from prison.

As part of this, Ankara made a decision to release two Greek soldiers from prison. Erdogan held a similar conversation with German Chancellor Angela Merkel on Wednesday.

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Fundamental concerns about the economy persist, however. No interest rate increase from the central bank, and a firm no to capital controls, either.

Turkish businesses have borrowed heavily in recent years and an estimated $300bn (£235bn) of that debt is denominated in foreign currencies.

Albayrak addressed thousands of investors in a teleconference on Thursday to update about the state of the economy.

Mr Erdogan has reacted to the financial instability by blaming foreign powers, in particularly the United States, a longtime North Atlantic Treaty Organisation ally, which he says is waging an "economic war" as part of a plot to harm Turkey.

"The worst of the broader contagion fears is likely behind us, and we do not expect further knock-on effects from Turkish concerns for the major currencies or for global financial markets more broadly", said Erik Nelson, currency strategist at Wells Fargo Securities in NY. A higher court is scheduled to review the appeal.

The United States sanctioned Justice Minister Abdulhamit Gul and Interior Minister Suleyman Soylu, blaming both for being involved Brunson's arrest and detention.

Analysts say Turkey is also likely to seek a more dynamic economic relationship with China and Russian Federation, with whom ties have warmed considerably in recent years.


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