Since the mid-2000s, global growth forecasts have been falling and the period we are going through is only accentuating the trend
Rising public deficits coupled with rising external deficits (twin deficits) have caused the Turkish lira to drop sharply. Since the last financial crisis in 2008, the lira has devalued by about 17% per year against the dollar. Over the period, the parity went from 1.20 to 7.80, thus reaching its historical high against the dollar (i.e. its lowest valuation)! This year, the TRY lost more than 30% against the greenback.
After the violent crash of global equity markets in March, one might have expected that during the (technical!) rebound, defensive assets would have been penalized.