Everybody knows that the Turkish Lira has been going south toward a crisis, but Donald Trump, President of United States made a statement through Twitter after a speech was made by Erdogan, the Turkish President which lead the Turkish Lira plunge further.
“There are various campaigns being carried out. Don’t heed them,” Erdogan said Thursday “Don’t forget, if they have their dollars, we have our people, our God. We are working hard. Look at what we were 16 years ago and look at us now,” Erdogan told supporters.
As you can see, Trump’s tweet has rubbed salt into the wound – heated up the crisis even further and caused the Turkish Lira to accelerate its decline. The Turkish Lira has then crashed as much as 20% within a few days.
It is no surprise how one statement on Twitter from world leaders can have such a huge impact on the financial markets today.