• The Turkish Lira slumped to an over 1-1/2 year trough as the spread of the coronavirus weighed on sentiment.
  
• Investors remain fretted over the country’s ability to cope with the economic and financial impact of the coronavirus.
  
• Health Minister Fahrettin Koca said on Twitter that Turkey’s death toll from the coronavirus rose to total 574 and confirmed cases rose to 27,069.
  
• Markets are concerned that Turkish authorities are leaving the lira exposed to further declines as they seek to stimulate economic activity through interest rate cuts and the central bank uses up its foreign exchange reserves limiting the downside in the currency.
  
• USD/TRY is trading 0.7 percent higher at 6.7649, having hit a high of 6.7820 earlier, its highest since August 2018.
  
• Momentum indicators are bullish, likely to break above 6.8000 level.
  
• Immediate resistance is located at 6.7916, any close above could take it above 6.8055.
  
• On the downside, support is seen at 6.6765 and break below could take it near 6.6491.