There is an ongoing coup in Turkey with the military attempting to take over and many details unclear. This is an ongoing event that could result in a successful coup, a crushing of the rebellion or the worst case scenario: a civil war.

Turkish coup reports

Apparently tanks are in the streets of Ankara and perhaps Istanbul as well. Military aircraft has been heard flying above. The Istanbul Ataturk Airport, which recently suffered a terror attack, has been reportedly closed to flights.

There are more conflicting reports about who the insurgents are: is it a small group or a big group within the army? They are taking over the TRT TV station but they clearly do not control all media. The Turkish PM gave an interview reporting the coup and saying those responsible will be punished.

Here are some statements from the military:

Turkish Armed Forces have completely taken over the administration of the country to reinstate constitutional order, human rights and freedoms, the rule of law and general security that was damaged.

All international agreements are still valid. We hope that all of our good relationships with all countries will continue.

Turkish (outgoing?) President Erdogan has spoken to CNN Turk via a mobile phone using Skype and denounced the move of a “small group” within the military.

Reports on military clashing with police loyal to the regime. There are other reports saying President Erodgan is seeking refuge in Germany.

Turkish coup market effect

This happened close to the end of the trading week but EUR/USD did react with a close to the downside. USD/JPY strengthened.

The Turkish Lira collapsed some 5% after a quiet trading day.

Here is the EUR/USD chart showing the last minute fall to 1.1028. Note that the pair was already on the downside due to the better than expected US retail sales. However, the pair was sleepy towards the last thin hours of trade before the news from Ankara came in.