Oil Just Isn't That Important to Petrocurrencies Right Now
- Foreign inflows trump crude as biggest driver of ruble
- Latin American currencies move in opposite direction to oil
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The currencies of some of the world’s biggest crude exporters are breaking their historic relationship with the oil price.
The Canadian dollar has weakened, the Norwegian krone is little changed and the Russian ruble has strengthened just 4 percent in the past three months even as the price of Brent crude has surged 17 percent and West Texas oil 11 percent. In commodity-rich Latin America, the 90-day correlation between currencies and oil turned negative last month for the first time since 2014.