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Morgan Stanley – TRY will continue to fall

Lira purchases after Sunday’s election are still in vogue, but it’s good to think about what the Turkish currency will do in the long run. It is clear to everyone that the Turkish economy is facing a lot of uncertainty about the debt it has accumulated in recent years and Erdogan’s wishes to influence the country’s financial institutions. Taking this into account, Morgan Stanley believes that TRY will soon record a new record Low.

Commenting on USD/TRY, Morgan Stanley bankers said there was “modest interest” among the option traders who did not make big hopes for a drop in the pair.

“We are ready to buy after the decline, as we expect USD/TRY to reach new highs again”

“So far, few things suggest that the elections will lead to a new macro-economic and economic framework that is needed,” Morgan Stanley said. “The election results imply preserving the status quo, which in recent years has not produced positive results for the prices of both TRY and Turkish assets.”,

Source: Reuters


 Trader Petar Milanov


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