Currency Note Worldwide

Oil backed currencies still suffering

By Ricky Bean January 6th, 2015

  • The Canadian currency has continued its losing streak of the last few months as it fell to its weakest position in over five years against its U.S counterpart on Monday. The Canadian economy relies heavily on the export of its oil so the slump of the last few months has had a detrimental effect on its currency. Crude oil is fast approaching $50 a barrel, more than 50% below its 2014 high.
  • The Russian rouble is also feeling the crunch of further drops in oil prices. As with Canada, oil is Russia’s largest export and these further cuts in pricing have impacted heavily on the already wounded rouble. Russia’s currency dropped 7.2% t to 60.37 per dollar.

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