The Argentine peso hit a record low and the Turkish lira resumed its slide, dramatizing the strains faced by emerging markets most vulnerable to a rising dollar. While Argentina and Turkey are in particular trouble, many developing countries are being squeezed as the Federal Reserve raises interest rates, boosting the U.S. currency. The central bank’s actions are felt globally but it has no particular responsibility for international financial conditions, unless they feed back into problems at home.

Source: Wall Street Journal August 30, 2018 07:30 UTC