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Political and Economic Concerns Smash Turkish Lira

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Turkey’s currency, the lira, hit an all-time low of 3.7790 against the U.S. dollar in early trade on Tuesday, breaking previous record lows plumbed during Monday’s session.

The currency, which lost 17 percent against the U.S. dollar during 2016 to claim the title of the second-worst performing emerging market (EM) currency for the year after the Argentine peso, saw its woes increase further following the publication of a critical note from credit rating agency Moody’s on Monday.

The research claimed that a sharp rise in security risks in recent years was driving a deterioration in the country’s economic situation and would likely cause a spike in the volume of non-performing loans held by Turkish banks.
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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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