Canaries Dropping Against Dollar ARS,TRY,ZAR,BRL

Bloomberg: Zimbabwe’s Dollar Squeeze Worsens

Zimbabwe’s attempt to ease a dollar shortage and stop its currency from plunging in the black market is showing little sign of working.

The southern African nation’s currency, known as the RTGS$, fell to 4.2 per U.S. dollar Wednesday, its weakest level in more than five months, according to marketwatch.co.zw, a website run by analysts in Harare. That took its decline in March to 18 percent.

FT: Turkish officials just can't stop the lira's slide

And just like that, Turkey's currency has declined nearly 5 per cent against the dollar. The sell-off comes less than 24 hours after it cracked down on short-sellers by pushing the rate to borrow offshore liras overnight past 1,000 per cent. The rate settled around 750 per cent by end of day yesterday, and now sits at 32 per cent.

Today's catalyst: the $10bn drop in the country's foreign reserves last week, as Turkish officials desperately try to prop up the currency ahead of local elections on Sunday. That's a nearly 30 per cent drop from previous levels and brings reserves to just shy of $25bn.

The British pound slipped on Brexit news again and that spilled into euro today, both benefiting the U.S. dollar, but the usual suspects have been weakening for longer.