SaxoTV

The currency fallout from oil's collapse

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The Eurozone has officially entered deflation and the collapse in the oil price is partly to blame. The euro’s down again this Wednesday, but it’s not just the Eurozone that’s in trouble. Saxo's John Hardy looks at those Petro currencies affected by the tumbling price in crude.

Hardy says there is fresh pressure on the Ruble as USDRUB is trading back above 60. The Canadian Dollar is also affected as is the Norwegian Krone with some expecting another rate cut. Hardy believes the USDCAD could move towards 1.20 and EURNOK back towards 10.

Hardy also warns about the risks of trading the Ruble particularly if Russia defaults and oil falls to below USD 40 a barrel.