The Turkish lira weakened on Wednesday for the tenth consecutive day and is approaching the low of December 2021. The explanation for this trend lies in concerns about the Turkish economy suffering from rising inflation and a widening current deficit. Erdogan's opposition to the inclusion of Finland and Sweden in NATO does not add to investor confidence either.

The pound fell in the morning to a rate of 15.95 for $1, a daily decline of 0.3% and as of this writing it is trading at a similar level. The Turkish lira lost 17% this year, down 7.5% since 5 May.

For the pound to strengthen, the Turkish economy needs a stream of dollars whether from investment or tourism. If that does not happen Erdogan will reach next year's election at the low point of his popularity.