TRY: one of the worst performing EM currencies - BBH
|Analysts at Brown Brothers Harriman explained that the July 2016 coup attempt continues to reverberate in Turkey.
Key Quotes:
"It has led to an ongoing attack on the nation’s institutions, as President Erdogan continues to purge the military, police, academia, and civil service of suspected Gulenists. Erdogan can run again in 2019 and 2024 as a result of this year’s controversial constitutional referendum. The US-Turkey visa spat may be thawing, but relations between the two remain frayed. Given overall strained relations with the West, Turkey is tilting more towards Russia. EU entry is very unlikely for the foreseeable future. Against this backdrop, the economic fundamentals are weak. Usable FX reserves remain very low even as the nation remains highly dependent on hot money flows. It's no coincidence that the worst performing EM currencies this past month have been TRY, BRL, COP, ZAR, and MXN"
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.