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On Friday night, an army group in Turkey said it has taken control of the country, with bridges closed in Istanbul and aircraft flying low over Ankara. 

A statement from the military group readout on NTV television said: "The power in the country has been seized in its entirety." Who represents the group remains uncertain.

Photo by Specna Arms on Unsplash

A correspondent for Turkish state broadcaster TRT told Reuters that soldiers had entered TRT buildings in Ankara. An announcer on TRT soon thereafter read a statement, on military orders, saying that democratic and secular rule of law had been eroded by the current government. A new constitution would be prepared as soon as possible, the announcer said, but for now, martial law is in effect.

The dollar jumped about 5 percent against the Turkish lira on those reports. The iShares MSCI Turkey ETF TUR, -5.24% was down 2.5% to $41.61.

#Breaking :Civilians rush to withdraw money from ATM machines in #Turkey as military attempts coup via @RudawEnglish pic.twitter.com/iuARIMMgbj

— حسن سجواني (@HSajwanization) July 15, 2016

From Telegraph.co.uk:

The Lira has crashed to Brexit lows against the USD - down a stunning 14 handles!!

From DailyFX: 

The reaction from the Turkish Lira was immediate and sharp. Versus the Euro, the currency collapsed 4.9 percent. The preferred liquidity haven US Dollar managed a 6 percent climb versus the TRY at its peak, though its settled the session close at 4.7 percent.

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What makes the markets particularly exposed in current conditions is the level of complacency across global markets.

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