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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

17 mins ago - World

The 53 countries supporting China's crackdown on Hong Kong

Saudi Crown Prince Mohammed bin Salman with Chinese President Xi Jinping. Photo: Rolex/Pool/Getty Images

China's foreign ministry and state media have declared victory after 53 countries joined a statement at the UN Human Rights Council supporting Beijing's new national security law for Hong Kong — compared to 27 who criticized the law.

The big picture: The list of 53 countries was not initially published along with the statement, but has been obtained by Axios. It is made up primarily of autocratic states, including North Korea, Saudi Arabia, Syria and Zimbabwe.

CO2 emissions may have peaked, but that's not enough

Reproduced from DNV GL; Chart: Axios Visuals

More analysts are making the case that COVID-19 could be an inflection point for oil use and carbon emissions, but it's hardly one that puts the world on a sustainable ecological path.

Driving the news: The risk advisory firm DNV GL, citing the pandemic's long-term effects on energy consumption, projects in a new analysis that global CO2 emissions "most likely" peaked in 2019.

U.S. economy added 4.8 million jobs in June

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. economy added 4.8 million jobs last month, while the unemployment rate dropped to 11.1% from 13.3% in May, according to government data released Thursday.

The state of play: While the labor market showed more signs of recovery when the government’s survey period ended in early June, the lag means that more recent developments, like the surge in coronavirus cases and resultant closures in some states, aren't captured in this data.