Oil-Sensitive Currencies Get a Bigger Boost With Crude Above $80
- Canadian dollar, Norwegian krone, Russian ruble benefit
- Russia, Norway may use interventions, wealth fund to curb gain
This article is for subscribers only.
The Canadian dollar, Norwegian krone, and Russian ruble have been among the biggest beneficiaries of the sprint up in oil prices since August. The good news for investors betting on these currencies is that their sensitivity to the price of crude increases when oil trades between $80 and $100 per barrel.
The major crude exporters have shrugged off gains in the Bloomberg Dollar Spot Index, and their currencies have appreciated an average of 3% versus the greenback since the 3-month Brent contract broke above $70 per barrel.