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Dollar rally picks up speed, Apple to manufacture iPhone 14 in India and meme stocks survey.The dollar rally is picking up speed again ahead [View in browser]( [Bloomberg]( Dollar rally picks up speed, Apple to manufacture iPhone 14 in India and meme stocks survey. Dominant dollar The dollar rally is picking up speed again ahead of the Jackson Hole symposium later this week. The US currency has [rallied]( against every major currency, including the yen, the Swiss franc and the pound this week. The dollar took the euro below parity again and to its lowest level since 2002. Currency strategists, such as Nick Twidale of broker FP Markets in Sydney, see the dollar as having further to go, describing it as the "easiest trade." A drop in the yuan is also feeding the dollar's rise, with the Chinese currency falling to a near [two-year low]( as the country battles a slowdown in the property market and the fallout from rolling Covid lockdowns. iPhone 14 Apple Inc. [plans to begin]( manufacturing the iPhone 14 in India about two months after the product’s initial release out of China, narrowing the gap between the two countries but not closing it completely as some had anticipated. The company has [been working]( with suppliers to ramp up manufacturing in India and shorten the lag in production of the [new iPhone]( from the typical six to nine months for previous launches, according to people familiar with the matter. Apple, which long made most of its iPhones in China, is seeking alternatives as Xi Jinping’s administration clashes with the US government and imposes lockdowns across the country that [have disrupted]( economic activity. Meme Pulse How will the meme frenzy we’ve seen so far play out in the months or years to come? Will some version of it become a permanent part of the investment landscape? Meme stocks are the theme of this week’s [MLIV Pulse](custom:bbg://screens/NI%20MLIVPULSE) survey. If meme investing fades away, will crypto die out soon after? We also ask which will provide more value over the next six months -- meme stocks, crypto or SPACs. It’s anonymous and only takes a few minutes. Click [here](custom: to take part. Stocks rise US [index futures](edged higher, Treasuries nursed losses and the dollar was steady as markets remained on edge ahead of Jackson Hole. S&P 500 contracts rose 0.3% as of 6:01 a.m. New York time. The 10-year Treasury yield held above 3% and a gauge of the dollar hovered at a five-week high. The Stoxx Europe 600 fluctuated near a three-week low after euro-area[economic activity]( declined for a second month. The euro traded near a two-decade low. Oil rose to near $92 a barrel in New York after Saudi Arabia said OPEC+ may be forced to cut production to stabilize a volatile market. Coming up... The week is set to be dominated by Jay Powell’s comments at Jackson Hole, but there’s a bit of data to get through first. Today brings flash US PMI numbers as well as new home sales data for July. Corporate events include earnings from Medtronic, JM Smucker, Macy's, Nordstrom and Dick's. What we've been reading Here's what caught our eye over the past 24 hours. - Drop in [US life expectancy](. - [US corn plants]( are so dry they’re not producing ears. - Americans’ pay floor for accepting a job rises to [$73,000](. - [Chip sales]( are set to slow. - France’s [economy shrinks]( alongside Germany’s. - [China’s censors]( changed the end of Minions movie. - Where are people [living the longest]( in the US? And finally, here’s what Joe’s interested in this morning My colleague [John Authers]( posted an extraordinary chart [last week]( showing the relative performance of the S&P 500 against the rest of the world. I think what's most extraordinary about this chart is just the complete lack of discontinuity in 2020. Most charts of literally anything have some kind of weirdness in 2020 or 2021. All econ charts are busted by the extremities of March 2020. Tech's outperformance started reversing about a year ago. Oil briefly went negative. Commodities, rates, everything broke their old trends in some way or another amid the pandemic. US stock outperformance? Not so much. You literally can't see any fingerprints of Covid on this chart, which is just extraordinary. One thing that comes to mind is that in the 2010s, the US's incredible monetary and fiscal flexibility turned out to be a major benefit. The US government easily had the balance sheet to bail out its banks and run large deficits. Meanwhile, Europe hobbled along, trying to contain the damage of a faulty fiscal architecture and banks that never fully restructured. Fast forward to these days, and folks like Zoltan Pozsar have been talking about a new post-dollar global order dominated by commodity scarcity. And there's absolutely something to that. But... the thing is the US is swimming in commodities too. We have plenty of oil. Plenty of natural gas. Plenty of farmland. Just about everything we need. Sure the incentives aren't always perfect in terms of getting it out of the ground at economical pricing. And sure there are crucial metals or commodities that are more abundant elsewhere. But bottom line is that US markets dominated last decade, when the big story was insufficient demand, and stressed public sector balance sheets. And so far US markets are dominating this decade, where the big story is markets punishing anyone who's overly reliant on commodity imports. Follow Bloomberg's Joe Weisenthal on Twitter [@TheStalwart]( Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. 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