Bounce

(Bloomberg) The plunge in Turkey’s lira is taking a break today, the currency gaining as much as 6 percent against the dollar to trade at 6.5538 by 5:50 a.m. Eastern Time. In a televised address, President Recep Tayyip Erdogan said the country would boycott American electronic devices, while citizens will  "continue their path with the Turkish lira." His defiance comes as the head of Spain’s Banco Bilbao Vizcaya Argentaria SA’s Turkey unit urged the central bank to tighten monetary policy, echoing calls from other lenders and business groups. The U.S. maintained pressure on Ankara, warning there would be no negotiation until a detained American pastor is released.