• The Turkish Lira slumped to a fresh 1-1/2 year low as the coronavirus fallout hit the government's budget.  
   
• Turkey's economy is facing a second recession in less than two years due to the COVID-19 pandemic, after having recovered from the first one in the second half of 2019.
   
• The central government's budget deficit rose to 43.7 billion lira in March, from 7.36 billion lira in February, reflecting new spending and lower tax revenues due to the outbreak.
   
• USD/TRY is trading 0.2 percent higher at 6.9164, having hit a high of 6.9268 earlier, its highest since August 2018. 
   
• Immediate resistance is located at 6.9452, any close above could take it above 6.9571.
   
• On the downside, support is seen at 6.8538 (23.6% Fib) and break below could take it near 6.8087 (38.2% Fib).