USD/TRY turns neutral near 7.92 after Moody’s calls Turkish upheaval credit negative for banks
After the sudden Turkish central bank upheaval last week, Moody’s Investors Service offered its credit review of the embattled country’s banking sector.
- USD/TRY: Difficult for Turkey to avoid another currency crisis – Societe Generale
Key quotes
“Turkish central bank governor removal credit negative for the country’s banks' funding.”
“Without central bank credibility Turkish banks' market access likely costlier, limited to short-term syndications.”
USD/TRY fades a spike
Following wild moves on Wednesday, USD/TRY has entered a phase of consolidation so far this Thursday.
Despite the downbeat remarks from Moody’s ratings agency, the Turkish lira has managed to bounce-off daily lows at 7.9522 against the US dollar.
The cross now trades at 7.9204, modestly flat on the day.
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