Retail Forex broker EXNESS earlier today published a very interesting Infographic that sums up a heavy research on the correlations between the prices of Brent oil and the national currencies of the world’s biggest crude oil exporters. The study was conducted by EXNESS’ analyst Sergei Kochergin.
The piece of research covers the world’s largest exporters of crude oil: Saudi Arabia, Russia, Canada, Nigeria, etc. For each of these countries, the study presents both the changes in the country’s international reserves as well as the correlation between the currency’s yield and the price of oil.
The Infographic is based on information about the changes in quotes for currency pairs and Brent oil for the past 15 years.
The study finds that during the past 15 years oil prices affected the most the value of the Canadian dollar, the Malaysian ringgit, the Norwegian krone, the Mexican peso, Brazilian real, and the Russian ruble.
In countries where the exchange rates of national currencies have been smoothed out by interventions by central banks, the influence of the price of oil on the national currency’s exchange rate turned out to be minimal.
To view the official announcement by EXNESS, click here.
To download the full-size infographic, click here.