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World Fist Update

Trump & Turkey shooting down the AUD

The Australian dollar has continued to slide, with no signs of President Trump backing down over the current crisis in Turkey. In less than a week, the AUD/USD has fallen almost 3% as President Trump’s decision to impose higher tariffs on Turkey’s steel and aluminium exports to America destabilising an already vulnerable economy and sending shockwaves throughout emerging markets.

In an effort to strengthen Turkey’s position, overnight Qatar has pledged to invest $15bn in a bid to strengthen the lira. President Recep Tayyip Erdogan’s spokesman tweeted “Turkish-Qatari relations are based on solid foundations of true friendship and solidarity.” This investment has been delivered as the Qataris believe Turkish troop deployment saved them from Saudi-UAE invasion during the 2017 crisis.

Expectations for the type of Brexit

In sunny England, Brexit headlines over the past 24 hours confirm the shape of the final outcome remains fluid with UK foreign Secretary Jeremy Hunt warning that “everyone needs to prepare for the possibility of a chaotic ‘no deal Brexit.’ German Chancellor Angela Merkel also stated that “ hopefully it will not come to an unregulated Brexit, but rather to a reasonable, negotiated agreement”

It has also been reported that Conservative Brexiteers plan to challenge Theresa May directly by publishing their own “positive” blueprint for a ‘no deal Brexit’ .

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