• The Turkish Lira plunged to a new all-time low after comments from a Federal Reserve policymaker which traders interpreted as ruling out prospects of the Fed extending a swap line to Ankara.
   
• On Wednesday, on asked about extending swap facilities to Turkey and others in need, a Fed policymaker stated that the Fed already has lines with countries that have a relationship of mutual trust with the U.S., and the highest credit standards.
   
• Turkey's state banks have injected the market with dollars and the banking regulator has restricted foreign investors’ access to lira liquidity, in concert efforts by authorities to keep a lid on lira's depreciation.
   
• However, investors are concerned about the decline in central bank’s gross reserves, which fell by $20 billion since the start of the year to around $86 billion through the end of April. 
   
• USD/TRY is trading 1.1 percent up at 7.2607, having hit a high of 7.2611 earlier. 
   
• Immediate resistance is located at 7.2747, any close above could take it above 7.2990.
   
• On the downside, support is seen at 7.1748 (23.6% Fib)  and break below could take it near 7.1214 (38.2% Fib).