• The Turkish Lira surged to a 1-week peak ahead of President Tayyip Erdogan’s announcement.
   
•  The lira is down 19 percent this year, among the world’s worst performers.
   
• The economy is expected to contract in 2020 due to coronavirus fallout. Turkey's consumer confidence worsened for the second straight month to 59.6 in August, reaching the lowest level since May.
   
• USD/TRY is trading 0.9 percent lower at 7.2274, having hit an record high of 7.3980 on Tuesday.
   
• The pair fell as low as 7.2024 earlier in the session, its lowest since August 12, but found strong support at 7.2000 handle. 
   
• Immediate resistance is located at 7.3507, any close above could take it above 7.3800.
   
• On the downside, support is seen at 7.1864 and break below could take it near 7.1658 (21-EMA)