USD/TRY: Lira extends decline, currency meltdown continues

• TRY continues to tumble as faith erodes and Turkey's economy crumbles.
• Hyperinflation beginning to set in, every percentage rise in TRY raises borrowing costs for government another 5 billion Lira.

The USD/TRY has driven higher in the overnight session, spiking to a high of 4.7960, the pair's highest recorded value. The Lira is rebounding back into 1.7365, but inflation continues to pummel Turkey's economy even as the country's central bank sits on the lidelines, unable to do anything as establishments throw around words like 'hyperinflation'.

A court in Turkey has handed down over a hundred death sentences today for individuals who were allegedly involved in the failed 2016 coup u0rising against Turkey's Presiident Ergodan.

Inflation has continued to run rampant, and markets have been testing to see whether the central bank's bluffs about intense market intervention are true or not.

USD/TRY levels to watch

Resistance levels aren't to be had with the currencies going so one-directly as of late.Immediate support can be found at yesterday's high of 4.67520, with further support from the last swing low at 1.5414.