US Tariffs and Sanctions crushing Turkish Lira, Russian Ruble and other currencies

The Russian Ruble is at its weakest level in nearly two years with ruble touching 66.7099. The US will be applying new sanctions for Russia’s use of a chemical agent, Novichok, to poison former Russian spy Sergei Skripal in the UK.

The US is doubling tariffs to Turkey’s metals. This has caused the Turkish Lira to drop 15%.

The DXY US Dollar Currency Index is at a 52 week high at 96. The strongest dollar index readings were about 154 in 1984 and 112 in 2001. Having a strong dollar versus major currencies like the Euro and the Yen have more of an impact on the index.