Fitch: Watching developments in Turkey closely

In a recently published report, Fitch Ratings said that they were watching the developments in Turkey closely and added that the country's situation worsened since the downgrade that they announced just a month ago, as reported by Reuters.

Key quotes

  • Sentiment around Turkey has deteriorated since rating downgrade a month ago.
  • Another downgrade of turkey could be triggered by sudden halt of capital inflows, hard landing of economy.

The initial reaction to Fitch's remarks lifted the USD/TRY and the EUR/TRY pairs to fresh record highs of 5.4880 and 6.3674 respectively.

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 securities. 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 Forex 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.