Friday, December 12, 2014

Oil Fall Pressures Currencies

Zero Hedge writes today: Despite numerous interventions by Mexico, Russia, and Nigeria, the free-fall continues in their currencies. The Russian Ruble is the poster-child (down 40% since June alone - testing 58/USD today) but the crash in Mexico and Brazil is accelerating in the last week. Default risks are surging for all of the Oil-Producing nations with Russia topping 450bps (5Y CDS) .

The Mexican Peso this morning is 14.77 to 1 USD. Crude oil is now under $60: $57.60! (see chart)

UPDATE: Mexico vows to sell dollars to halt peso's slide

2 comments:

  1. Watch George Soros making a gazillion dollars from this. This is what he does best, playing against governments trying to stabilize their currency.

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