News conference: US and Turkey have agreed to ceasefire in Syria - Pence

USD/TRY dropped today around 1% to a low of 5.8315 today on rumours that Turkey will end incursion in Northern Syria in 120 hours.

Pence is now holding a press conference confirming the rumours and markets were on the lookout for any indication that Erdogan was close to agreeing to a ceasefire.

Turkish sources cited by the Middle East Eye have said that Turkey will suspend its operations to allow YPG to withdraw from the designated safe zone.

Pence speaking at presser in Ankara:

• US and Turkey have agreed to ceasefire in Syria.
• Today the United States and Turkey have agreed to a ceasefire in Syria," announces.
• Turkey will pause military operations for YPG forces to withdraw.
• Turkey agrees to engage in no military action against the community of Kobani.
• Turkey agrees to engage in no military action against the community of Kobani.

Additional key notes:

• A Turkish official cited by Reuters said Turkey got 'exactly what we wanted' from the US talks.
• Once Turkey halts its operation in Syria, the Trump administration will lift executive sanctions and there won’t be new ones.
• The Trump administration will consult with us congress to prevent new sanctions -  Trump says 'great news out of Turkey'.

More to come...