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As of 15:05 16 Aug 2018

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Latest updates

Sterling dips on the dollar

The pound has edged down 0.17$ against the US dollar at $1.2700.

Turkey to ban US construction products

Ongoing construction in Istanbul, Turkey
Anadolu Agency / Getty Images

Turkey has decided to stop using any construction products that come from the US.

Turkey's environment and urbanisation minister Murat Kurum said the government had chosen to do this in response to "speculative moves in the US dollar".

He added that Turkey is now going through an "economic siege", and this is how the government is responding.

This is in addition to comments from Turkey's president Recep Tayyip Erdogan earlier today saying the country will boycott US electronic products such as the iPhone.

Pound rises above $1.28

The pound is up 0.31% against the dollar at $1.2807.

Sterling is 0.28% ahead against the euro at €1.1217.

The heart of Turkey's problem

Today Programme

BBC Radio 4

Turkish lira

Sonja Laud, head of equities at Fidelity International, says that one of the key issues facing Turkey in the currency crisis is that the amount of short-term debt denominated in dollars equates to 27% of Turkish GDP.

“That’s a huge number,” she tells the BBC's Today programme: “A lot of the debt held by the Turkish government or Turkish companies is held in a foreign currency.

"This is at the centre [of the current situation]. The more the Turkish lira falls, the more difficult it is to service debt which is why the central bank intervened yesterday, not to raise rates but to provide dollar liquidity so they can roll over the shorter [term] debt”.

The other part of the problem is that the US dollar is strong, which is putting pressure on emerging markets currencies too.

Good morning!

Welcome to Business Live on a day when employment and wage growth - or lack thereof - are the main focus.

At 9.30am, the Office for National Statistics will publish the latest data which is expected to show an unemployment rate of 4.1%, the lowest for 43 years, but a slowdown in pay growth to 2.6%.

We'll also be following the latest developments in Turkey and tracking the lira which continues to struggle against the US dollar.

As always, we'd love to hear from you. Email Business Live at

Sterling gains

The pound has clawed back some losses and is now down 0.09% against the dollar at $1.2759.

Sterling has also extended gains against the euro to rise 0.16% at €1.1212.

Sterling falls against the dollar

Away from the Turkish lira, the pound is trading 0.23% against the dollar at $1.2743.

However, sterling is marginally up against the euro at €1.1195.

'Shackles' still on UK economy

The pound v US dollar on Friday
The pound v US dollar on Friday

Any hopes that on-target GDP figures for the second quarter would boost the pound have been dashed - it is down 0.37% against the dollar at $1.2777.

The pound is, however, up 0.20% against the euro at €1.1144.

Laith Khalaf, senior analyst at Hargreaves Lansdown, says: "A weak pound and strong dollar does have a tangible knock on effect on the UK economy, as we have seen from the wave of closures and profit warnings from the retail sector. Not everyone loses out from weaker sterling though, exporters and the domestic tourist industry should benefit, as do stock market investors, thanks to the international revenue streams of Footsie companies.

"However oil and other commodities are priced in dollars, which means higher energy bills and petrol prices for UK consumers, against a backdrop of weak wage growth, so the squeeze we have seen on discretionary spending looks like it has a bit further to run."

He adds: "All of this suggests the shackles are still on the UK economy, and that spells more or the same in terms of interest rate policy for the foreseeable future."

Pound reacts to GDP data

The pound has regained a little ground against the dollar following the publication of second quarter GDP data - which was in line with expectations at 0.4% - however, it is still trading down at $1.2751.

Sterling suffers a 'sucker punch'

Pound coins
Getty Images

The dollar is stronger but Neil Wilson, chief market analyst at, says: "The fears of a no-deal Brexit have piled the pressure on the pound and the dollar’s rally has come as a sucker punch."

He says that all eyes will be on the ONS at 9.30am when it gives its first estimate for GDP growth in the second quarter.

"If it doesn’t show firming activity then the Bank of England will look pretty silly having just hiked rates.

However Mr Wilson says: "After the Beast from the East hit first quarter figures, we expect a bit of a bounce back in the second quarter - 0.4% or even 0.5% may be seen and this could offer a sign of a resurgence through the rest of the year."