• The Turkish Lira continued to consolidate near a 1-1/2 year low hit last week after Bloomberg reported the central bank’s net foreign reserves fell to their lowest level since May 2019.
   
• Turkey’s central bank has exhausted its foreign currency reserves, net of liabilities, by defending the lira just short of 7 per dollar in recent weeks.
   
• USD/TRY is trading 0.05 percent up at 6.9880, having hit a high of 7.0079 last week, its highest since August 2018. 
   
• Immediate resistance is located at 7.0086, any close above could take it above 7.0142.
   
• On the downside, support is seen at 6.9678 (5-DMA) and break below could take it near 6.9525 (7-EMA).