Qatar's emir travels to crisis-hit Turkey in show of support

Turkey launches probe into suspected actions targeting economic security

Turkey launches probe into suspected actions targeting economic security

Turkey and Qatar - which is also a very close U.S. ally - have become close economic and political partners in recent times.

"We are a fending off this economic coup attempt with the wisdom of the Turkish nation and the leadership of our president", Fahrettin Altun, the president's communications director wrote on Twitter.

Investors also fret over Erdogan's influence over monetary policy.

Robust U.S. economic data this year, even as Europe and other major economies have lost some steam, has helped keep the U.S. Federal Reserve on track to raise interest rates twice more this year, which should boost the appeal of the dollar further.

Last Friday, US President Donald Trump said he had authorized higher tariffs on aluminium and steel imports from Turkey.

The Trump administration has said Turkey could face additional sanctions if he isn't quickly released.

The currency strengthened some 3 percent against the dollar on Thursday, trading at around 5.75 per dollar, hours before Turkey's treasury and finance minister were scheduled to reassure worldwide investors about the economy.

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The United States government has maintained Brunson is a family man being held on trumped on charges for political reasons.

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.

Sanders addressed reporters questioning whether increases in steel and aluminum tariffs on Turkey were related to the country's continued detention of Brunson.

Before he spoke, the lira strengthened more than 3 percent, despite signs that the rift with the United States is as wide as ever.

However, the central bank has defied calls from markets for rate hikes, raising concerns of interference from Mr Erdogan who is on record as describing himself as an "enemy" of higher interest rates.

In response, Turkey raised tariffs on several US-made goods, including alcohol and tobacco products and vehicles. Tuesday, Turkish President Recep Tayyip Erdogan called for a boycott of US electronics.

That hasn't prevented Turkish officials from continuing to press their perceived leverage in Brunson.

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The national currency recovered somewhat from record lows hit earlier this week, a day after Qatar pledged 15 billion dollars (£11 billion) in investments to help Turkey's economy.

Turkey retaliated with some 533 million dollar of tariffs on some USA imports - including cars, tobacco and alcoholic drinks - and said it would boycott United States electronic goods, singling out iPhones.

Turkey also maintains a small military base in Qatar.

On Wednesday, Erdogan met for more than three hours with His Highness the Amir Sheikh Tamim bin Hamad al-Thani, who approved a package of economic projects, investments and deposits worth $15bn.

There was also optimism about better relations with the European Union after a Turkish court released two Greek soldiers pending trial.

Erdogan and his French counterpart Emmanuel Macron agreed in a phone call Thursday to foster trade ties, a Turkish presidential source said.

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