The Turkish lira is down almost 3% against the US dollar
And it looks like the move higher in the lira is also sparking bids in the dollar and the yen on the session. The dollar benefiting from the direct flow while the yen benefiting from the fact that the lira's woes may fuel further losses in emerging markets and spoil to the risk-on party in equities so far as we begin the session.
Turkish markets were on a break last week but they are back in action today, so expect the lira to steal some of the spotlight as the trading week gets underway. The other place of action to look out for in European trading will be Italy as the debate on the budget intensifies.
