Justin Iheakanwa
Crude oil shows a tight correlation with many currency pairs for three reasons. First, the contract is quoted in U.S. dollars so price changes have an immediate impact on related forex currency crosses. Second, high dependence on crude oil exports levers national economies to uptrends and downtrends in the energy markets. And third, collapsing crude oil prices will trigger sympathetic declines in industrial commodities, raising the threat of worldwide deflation, forcing currency pairs to reprice relationships.
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