Emerging markets have been getting slammed, and right in the epicentre of it all is the Turkish Lira, which has just been getting hammered non-stop amid a combination of economic and political factors.
If you haven’t seen the chart of the US Dollar vs. the Turkish Lira, it really is something to behold.
Via XE.com, here’s a one-year look. The trade has been virtually entirely one way. There’s been almost no pause for breath as the dollar climbs and climbs against the Turkish lira, a move that’s accelerated sharply in the past several weeks.