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The pound hit its highest level since mid-May after Turkey’s top defense official did not rule out progress towards resolving a clash with the United States over the purchase by Russian missile defenses Ankara.
“Reasonable and logical solutions are always possible,” Defense Minister Hulusi Akar said on Friday after a phone call the day before with his American counterpart, Lloyd Austin.
Akar did not elaborate, but expectations of a breakthrough are low ahead of the first meeting between Presidents Joe Biden and Recep Tayyip Erdogan in Brussels on Monday. The two could agree on limited cooperation to build confidence.
The Minister of Defense reiterated Turkey’s willingness to hold talks on “the technical concerns of its partners”, a proposal already rejected by Washington.
Biden ‘like business’ as Erdogan seeks new era in early talks
“The market is certainly creating expectations for the breakthrough of the Biden-Erdogan summit,” Tim Ash, strategist atBlueBay Asset Management in London, written in a note. “The danger is that if that doesn’t happen, it could go wrong pretty quickly the other way around. “
The pound was up 1.7% against the dollar at 8.2860, extending the week’s gains to 4.4%, its best weekly performance since March, before losing ground. The cost of insuring the country’s debt against default fell 37 basis points to 366 this week, reaching its lowest level since March 19.
Turkey has shown no sign of being ready to compromise on Washington’s main demand for Ankara to end Russian S-400 missiles in return for the lifting of US sanctions related to the purchase.
The United States is concerned that the S-400 could be used to gather intelligence on the stealth capabilities of the American F-35 fighter jet that Turkey helped build and wants to buy.
People who briefed on Turkish preparations for the Erdogan-Biden meeting have denied reports that Turkey is considering a compromise that could place the missiles in joint Turkish-US custody, possibly at Incirlik airbase, claiming that it had not been discussed with the United States.
– With the help of Kerim Karakaya
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