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Global currencies experienced significant declines on Wednesday as the U.S. dollar soared, spurred by the detention of President Erdogan's main political opponent in Turkey. This geopolitical move unsettled investors and sent the Turkish lira to unprecedented lows, prompting a noticeable shift towards safer assets.The ensuing drop in Turkey's lira reverberated through financial markets, impacting major currencies and spurring capital flows into the dollar. The euro, yen, and other currencies saw declines, while investors kept a close eye on the Federal Reserve's impending decision regarding interest rates.Market analysts, including Michael...

PRESIDENT DONALD Trump’s bullying of America’s allies and neighbours may appeal to the maga base. Unfortunately, investors feel otherwise. Confidence in the prospects for the American economy has been sapped and financial markets are sinking. The S&P 500 index of American stocks has dropped by 9% since its peak in February. Because Mr Trump’s on-again, off-again protectionism defies logic, their faith in his administration’s ability to steer the economy is evaporating. It is the same with the dollar. As Mr Trump has threatened tariff after tariff, it has fallen, dropping...