At the weekly opening (5 pm Sunday, New York time), the USD/TRY broke 7.1000 in the first
5 minutes, before backing off to 6.7300 currently (1 am Monday, New York time).
Some people, myself included, were surprised that we did not see a gap on the opening.
This is a currency crisis for Turkey, but not the death of the Turkish currency.
To see a currency in its actual death-throes, watch the Venezuelan bolivar.
Currently, USD/VEF = 207,000