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In a press conference on Friday, United States (US) Treasury Secretary, Steven Mnuchin, announced that President Trump signed a new executive order giving US  officials very new significant sanctions authorities that can target Turkey and the  Turkish government.

“At this point, we are not activating the sanctions on Turkey,” Mnuchin added. “We are putting financial institutions on notice that there could be sanctions later on Turkey.”

The USD/TRY pair spiked to a daily high of 5.8970 on these comments but quickly reversed its direction. As of writing, the pair was trading at 5.8770, adding 0.7% on the day.