Today's M^3 - USDPYG Strengthens 13% since January

Today's Major Market Move - The Paraguay Guarani is up 13% vs. the US Dollar (USDPYG) since the end of January. Here's a look at the best performing currencies during that time frame.



(Click on the image for a larger view. Click here for a current listing of currency crosses vs the USD.)

Maybe we're looking at the world's next reserve currency? In all seriousness, I don't think too many people would've picked Paraguay's currency as the one that's strengthened the most since the beginning of the year. Some of the other currencies on that list can be explained. Serbia has some of the highest interest rates in the world. The Swiss Franc is benefiting from the European crisis and its 'safe haven' status. The Eastern European currencies (Hungary, Romania) were beaten down so far a year ago that, in absence of a default, they were due to have a nice rebound.