• The Turkish Lira plunged to a fresh 1-1/2 year low as the greenback rallied against a basket of currencies. 
   
• Moreover, the selling pressure around the Turkish currency intensified following the release of downbeat economic data.
   
• Turkey's annual inflation rate dropped to 10.94 percent in April from 11.86 percent in the previous month, its lowest reading since November last year. 
   
• Separate data showed Turkey Manufacturing PMI slipped to 33.4 in April from 48.1 in March, pointing to the strongest contraction in factory activity since the global financial crisis in 2008 caused by the Covid-19 pandemic.
   
• While producer prices came in at 6.71 percent year-on-year in April, easing from an 8.5 percent gain in the previous month, its lowest producer inflation rate since November. 
   
• USD/TRY is trading 0.3 percent up at 7.0259, having hit a high of 7.0443 earlier, its highest since August 2018. 
   
• Immediate resistance is located at 7.0524, any close above could take it above 7.0604.
   
• On the downside, support is seen at 6.9889 and break below could take it near 6.9707 (7-EMA).