US Sec. of State Pompeo: Turkish court conviction of US Consulate employee harms relations

While responding to the Turkish court’s conviction of the US Consulate General employee, US Secretary of State Mike Pompeo said the charges levied as baseless and can harm the US-Turkey relations.

Key quotes

US is deeply troubled by the Turkish court conviction of US Consulate employee in Istanbul.

Charges are baseless.

The conviction harms US-Turkey relations.

FX implications

Given the news weigh on the Turkish Lira, USD/TRY carries the previous day’s run-up to 6.84 following the release.