🛢️💱NOK Is A Clear Crude Oil Winner: Cable FX Macro

• Crude oil has seen an uptrend since July; brent and WTI benchmarks breached above the $100/bbl area this week. The scatterplot below shows how the G10FX has performed over the last three months compared to each currency correlation to crude oil.

• A clear winner: NOK. The Norwegian krone holds the highest performance in the group and the strongest positive correlation to the crude oil benchmark. The period is also capturing outliers like the JPY and AUD, currencies holding negative correlations to crude but posting positive performance. A rise in energy is clearly hurting SEK and CHF, down the most in the three-month period and holding a negative relationship to oil.