Whether you look at the Euro or the Rouble and compare them to the WTI then it looks all everything depends on the USD. At moment the dollar is strengthening. If I woud add the USD index then it would also be the exact reciprocity.
It's clear again. All the world depends on the USA.
At moment, however there is a ...
Is Russia Currency the Crude Oil Currency?
Russia Ruble VS Brent Crude Oil Price:
1. The Russia Currency is tightly connect to Brent Crude Oil Price.
2. Most of the time Brent Crude Oil price above the value of Russia Ruble.
3. It looks like currently the Crude Oil price is somewhat under value in Russia Ruble.
I am following the RUBUSD for personal reasons. Although this is highly dependent on many fundamental factors and highly manipulated the structure is still clear and readable because it is a result of all those factors.
I have done a lot of forecast on this pair and it's amazing how the structure plays out !
-Enhancement The ruble by 18% from 2014 lows against the euro and dollario .
-Stock exchange ( MICEX ) since the beginning of 2015 to + 16 %
-Large Margin recovery for the ruble to reach the pre-crisis levels of June 2014 .
-Rate Interbank Repo 14% cut in view of the revision of reducing inflation ...