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Data: OFX; Chart: Harry Stevens/Axios

Currencies in developing countries have fallen off a cliff. The Argentine peso has lost more than 50 percent of its value against the U.S. dollar this year, and the Turkish lira is doing almost as poorly.

What's going on: Argentina and Turkey are both suffering from fiscal crises that have hammered their currencies.

  • The Argentine government is struggling to finance its deficit, and even the world's highest interest rates aren't helping much in the midst of an economic crisis with surging inflation.
  • Turkey's central bank has also raised interest rates, despite President Recep Tayyip Erdogan’s repeated attempts to keep rates low. Geopolitical tensions with the U.S. also have not helped the economy's fragile state. It's unclear how much the rate hikes will restore long-term confidence in the lira.
  • A worsening trade war between the United States and China could cause more pain for emerging markets, which are export-dependent.

Go deeper

Grand jury indicts ex-officer who shot Breonna Taylor on wanton endangerment

A memorial to Breonna Taylor in downtown Louisville, Kentucky on Sept. 23. Photo: Jeff Dean/AFP via Getty Images

A grand jury has indicted Brett Hankison, one of the Louisville police officers who entered Breonna Taylor's home in March and shot her at least eight times, on three counts of wanton endangerment.

The state of play: None of the three officers involved in the botched drug raid will face charges related to the actual death of Taylor, such as homicide or manslaughter. Two officers were not charged at all.

FDA chief vows agency will not accept political pressure on coronavirus vaccine

Food and Drug Administration Commissioner Stephen Hahn promised that "science will guide our decision" for a coronavirus vaccine at a Senate hearing on Wednesday.

Why it matters: More Americans are expressing doubt about a first-generation vaccine, despite President Trump's efforts to push an unrealistic timeline that conflicts with medical experts in his administration.

CEO confidence rises for the first time in over 2 years

Data: Business Roundtable; Chart: Naema Ahmed/Axios

A closely-watched CEO economic confidence index rose for the first time after declining for nine straight quarters, according to a survey of 150 chief executives of the biggest U.S. companies by trade group Business Roundtable.

Why it matters: The index, which still remains at a decade low, reflects corporate America's expectations for sales, hiring and spending — which plummeted amid uncertainty when the pandemic hit.

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