Currency Note Worldwide

Oil price fall hits commodity backed currencies

By Callum Holmes November 28th, 2014

  • The currencies of oil-producing nations continued to fall at a significant rate, with the Norwegian krone being Thursday’s biggest loser as it reached five-year lows against the US dollar. Norway is Europe’s largest oil producer and has thus been hit one of the hardest in the recent crude oil crisis. Norway’s currency weakened well over half a percent against all 16 of its major peers as crude prices fell to their lowest point since 2010. This recent news also saw the rouble continue its drastic downwards spiral as it fell 2.5% against the dollar.
  • The Canadian dollar also bore the brunt of today’s fall in crude oil as it saw its biggest decline in over a month against its U.S counterpart as it fell almost a percent.

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