After the Turkish referendum USD started loosing value against TRY. However Turkey’s current credit note is “Not Investable” by all 3 credit agencies. Problems do not end with this, Turkey is having constant disagreements with European Union countries, increased inflation and double digit unemployment rate seem to create a big support at 3.57 level.
On the other hand we all expect further hikes from FED throughout the 2017. Although Bist100 (Turkish Stock Market) is on all time high, it will not be a smooth road for Turkish Stock Market in the near future..
USDTRY is trading around 3.58 right now. Our first target is 3.64 – 3.65 level. Once it is broken, we can see an extended rise to 3.72 level.
This cannot be considered an investment advise!