Having benefited from the earlier QE-un-taper hope, the Turkish Lira is dropping rapidly following the move by S&P to put Turky on negative outlook:
- *TURKEY'S OUTLOOK TO NEGATIVE FROM STABLE BY S&P
- *S&P SEES RISKS OF HARD ECONOMIC LANDING IN TURKEY
Furthermore, the ratings agency raising questions over the Central Bank:
- *TURKEY SUFFERING EROSION OF GOVERNANCE STANDARDS, S&P SAYS
- *TURKEY SUFFERING EROSION OF CHECKS AND BALANCES, S&P SAYS
- *CONSTRAINTS ON TURKEY CENBANK INDEPENDENCE: S&P.
EM Un-fixed.
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