2-year beta to crude oil futres, CL!
RUB calculation pre Feb, March 2022 selloff
As one would expect, commodity linked currencies like RUB, NOK, and CAD posted the highest positive betas vs crude oil fluctuations. On the other side of the balance, JPY, EUR, and CHF seem to be the most negatively impacted. INR, Indian rupee also joins this group as India, Japan, and Europe are commodity importers, a rise in commodity prices hurt these economies, therefore FX spot expressed this dynamic.
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