12 May 2016 at 12:19 GMT
Saxo Bank chief economist Steen Jakobsen is changing his outlook for Turkey to negative. Even though the Turkish stock market has recently seen a 10% gain, current developments could damage the positive outlook.
There is political turmoil in Turkey after the prime minister stepped down and the shaky refugee deal with European Union could create a re-emergence of the refugee crisis. According to Jakobsen, the refugee crisis currently poses a greater macro risk than does the Brexit vote.
Jakobsen is trading USDTRY at 2.92 with a stop at 2.89.