A year ago it was the Ruble, but for much of the last year it is the South African Rand that has been the most volatile currency in the world. That is until the last week, as Turkey deals with rising domestic instability (and Erdogan's push for total rule), the Lira has become the world's most unstable currency...

As we noted earlier, market focus has turned on the lira as a result of Turkey's large external borrowing requirement which makes its currency one of the most vulnerable currencies to tightening by the Fed.

Of course, some might suggest there is an 'alternative' currency that is more volatile than the Lira...