TRY is bearish; Barclays

Quotes from Barclays Capital:

-CBT's dovishness has coincided with a period of intense political pressures, which has only bolstered the market's skepticism regarding central bank independence and credibility.

-As such, this leaves the TRY exposed to pick-up in market volatility and/or normalization of US monetary policy expected later this year.

-The potential aggressive cuts would keep real rates subdued even though inflation is expected to fall over the coming months, eroding the currency's attractiveness.