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.”