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Expand chart
Data: FactSet; Chart: Andrew Witherspoon/Axios

A host of competing narratives and the chaos of global markets is shaking the U.S. dollar. The trade-weighted value of the dollar fell to its lowest since October on Monday.

The state of play: Currency traders are piling into the Japanese yen as global growth slows and political tensions rise. The yen hit its highest value against the dollar since March on Thursday — but has since reversed course.

  • The FX options market is showing that a measurement of call and put options has climbed strongly in favor of the euro, Reuters reports.
  • While emerging market currencies have gained since Fed Chair Jerome Powell's dovish comments on Friday, the dollar has not sold off and EM currencies, which are favored in times when the market expects the Fed to take it easy, have not taken flight.

What we’re hearing from Tempus Inc Senior FX Trader and Strategist Juan Perez:

"The U.S. Dollar benefits when the globe is in chaos and the problems that were started by the tit-for-tat tariff conflict created a safe-haven scenario... Seems like now the lack of a clear solution to trade issues, the U.S. government shutdown and solutions to political pressures elsewhere, like the Italian budget, have halted the dollar’s momentum."

Go deeper: The Chinese threat to U.S. financial dominance

Go deeper

Battle for the soul of a new web

Illustration: Aïda Amer/Axios

A well-funded and intensely motivated chunk of tech's hive mind is finding common cause in a vast new project: rebuilding the web on a foundation of cryptocurrency and blockchain tech. They call it "Web3."

The big picture: Developers, investors and early adopters imagine a future in which the technologies that enable Bitcoin and Ethereum will break up the concentrated power today's tech giants wield and usher in a golden age of individual empowerment and entrepreneurial freedom.

First look: Biden summons top CEOs on supply chain

Photo: Alex Wong/Getty Images

President Biden will meet Monday afternoon with CEOs of big retailers, grocers and consumer-products firms to send this message, according to the White House: Products will be on shelves for holiday shopping.

Zoom out: Black Friday sales rebounded from 2020.

Thanksgiving box office shows theaters have long road to recovery

Photo of Disney's "Encanto;" Credit: Disney

Box office ticket sales over the Thanksgiving holiday show that consumer confidence in moviegoing is slowly improving, but not enough to bring the struggling theater industry back to pre-pandemic levels anytime soon, if ever.

Why it matters: "We may have to temper expectations a bit" for next year, said Comscore senior media analyst Paul Dergarabedian.