4 Aug 2015
Comm-currencies still under pressure – BTMU
FXStreet (Edinburgh) - Lee Hardman, Currency Analyst at BTMU, assessed the current scenario in the commodities-related currencies.
Key Quotes
“Commodity related currencies continue to remain under downward pressure in the near-term especially those from net oil exporting countries as the price of crude oil appears increasingly likely to soon re-test the cyclical lows from earlier this year”.
“The International Energy Agency warned early last month that the price of crude oil may have to fall to fresh lows to further help rebalance the oil market which remains “massively” oversupplied”.
“Renewed weakness in the price of crude oil is also reinforcing market expectations that the price of crude oil will remain lower for longer”.
“Recent developments have prompted us to downgrade our outlook for the Canadian dollar, Norwegian krone, and Russian rouble for the year ahead”.
“Renewed weakness in commodity prices is also reinforcing investor concerns over the outlook for global growth”.
Key Quotes
“Commodity related currencies continue to remain under downward pressure in the near-term especially those from net oil exporting countries as the price of crude oil appears increasingly likely to soon re-test the cyclical lows from earlier this year”.
“The International Energy Agency warned early last month that the price of crude oil may have to fall to fresh lows to further help rebalance the oil market which remains “massively” oversupplied”.
“Renewed weakness in the price of crude oil is also reinforcing market expectations that the price of crude oil will remain lower for longer”.
“Recent developments have prompted us to downgrade our outlook for the Canadian dollar, Norwegian krone, and Russian rouble for the year ahead”.
“Renewed weakness in commodity prices is also reinforcing investor concerns over the outlook for global growth”.