🛢️💱 Currencies' Correlation to Crude Strengthens: Cable FX Macro
- Rosbel Durán
- Sep 21, 2023
- 1 min read
**As seen in Macro Walk report 09/15/23, subscribe at cablefxm.co.uk/reports
Crude oil futures have risen every week of this month, WTI is now trading above $90.0/bbl, this is a 7.7% gain month-to-date
As energy prices rally, we have seen an increase in FX correlation coefficients. GBP and JPY stand as the strongest relationships, a short-term correlation sees readings of -82% and +70%, respectively
Meanwhile, FX correlations to equities have weakened lately. The Macro Walk cross-asset section shows only EUR/GBP and USD/CAD as statistically significant coefficients to a gauge of global risk assets
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