Imploding Turkey, Harley Boycott, Tesla PrivatizationAfter Turkish President Recep Tayyip Erdogan published an op-ed in the New York Times about how Turkey may start looking for new friends to replace its alliance with the United States, holders of Turkish Lira decided they didn’t quite want to hold it anymore. The Lira/Dollar exchange rate fell another 25% to an all time low of 7.2 to the dollar, and is now around 6.8, still down 7.25% on the day. Other emerging market currencies like the South African Rand (ZAR=X) and Indian Rupee (INR=X) and Mexican Peso (MXN=X) are also down sharply. Japan’s Nikkei (NYSEARCA:EWJ) is down 2%, German stocks (NYSEARCA:EWG) are down 0.75%, and S&P 500 futures (NYSEARCA:SPY) are down over half a percent. Financials are down the strongest this morning as bank contagion fears always show up with financial stress.
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