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Expand chart
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

Trump's coronavirus adviser Scott Atlas resigns

Photo: Nicholas Kamm/AFP via Getty

Scott Atlas, a controversial member of the White House coronavirus task force, handed in his resignation on Monday, according to three administration officials who discussed Atlas' resignation with Axios.

Why it matters: President Trump brought in Atlas as a counterpoint to NIAID director Anthony Fauci, whose warnings about the pandemic were dismissed by the Trump administration. With Trump now fixated on election fraud conspiracy theories, Atlas' detail comes to a natural end.

Dave Lawler, author of World
2 hours ago - World

Assassination in Iran sets stage for tense final 50 days of Trump

The funeral ceremony in Tehran. Photo: Iranian Defense Ministry via Getty

Iranian leaders are weighing their response to the assassination of Mohsen Fakhrizadeh, known as the father of Iran’s military nuclear program, who was given a state funeral Monday in Tehran.

The big picture: Iran has accused Israel of carrying out Friday’s attack, but senior leaders have suggested that they’ll choose patience over an immediate escalation that could play into the hands of the Israelis and the outgoing Trump administration.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Hospital crisis deepens as holiday season nears.
  2. Vaccine: Moderna to file for FDA emergency use authorizationVaccinating rural America won't be easy — Being last in the vaccine queue is young people's next big COVID test.
  3. Politics: Bipartisan group of senators seeks stimulus dealChuck Grassley returns to Senate after recovering from COVID-19.
  4. States: Cuomo orders emergency hospital protocols as COVID capacity dwindles.
  5. Economy: Wall Street wonders how bad economy has to get for Congress to act.
  6. 🎧 Podcast: The state of play of the top vaccines.