We are seeing some huge moves in global currency markets this morning.
The U.S. dollar is up a whopping 14.1% against the Argentine peso today. Yesterday, Argentina introduced new capital controls restricting residents to only two online purchases from foreign retailers per year. The central bank is also reducing currency market intervention in order to protect its remaining foreign exchange reserves, which have been going fast.
The dollar is up 4.7% against the Malawian kwacha, which is taking a hit along with the South African rand and other African currencies as the world’s three largest platinum mines go on strike in South Africa.
The dollar is up 1.6% against the Angolan kwanza — another of the biggest currency losers in Africa today.
And here is the South African rand (the dollar-rand exchange rate is up 1.1% today).
Meanwhile, the dollar is up big (1.5%) against the Turkish lira as that country continues to struggle with an unfolding currency crisis.
Though all of these currencies are down big against the dollar, they’re down even bigger against the yen and the euro. The dollar-yen exchange rate is down 0.8%, and the euro-dollar exchange rate is up 1.0%.
Dramatic moves around the world.