Turkish stock dived on Monday more than 4% after Moody’s decision to lower Turkish rating. Lira and bonds are also getting cheaper. Turkey has one of the biggest deficits from G20 countries and Moody’s decision will cause higher costs of handling the debt. Moody’s is also concerned about Turkish internal problems after failed coup. In the second quarter Turkish GDP lowered from 4.7% YoY to 3.7%.
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In the beginning of today’s session USDTRY broke 2.9840 resistance. Currently we can see price going back to this level. If there will be some rebound price should go in direction of next resistance at 3.0230. However if 2.9840 support will be broken and price will come back to 2.9150-2.9840 area all today’s move will be just a false break and currently there can be a test of 2.9150 lows.
