The Dollar Is Now More Correlated With Oil Than Some Petrocurrencies

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As the petrocurrencies of the world break their historic link with oil, the greenback is building a relationship with the commodity that it isn’t supposed to have.

 Crude oil’s more than 9 percent surge since Oct. 25 has been mirrored by a 1.3 percent advance in the dollar against major world currencies, widening the pair’s 90-day correlation to the most in almost two years. Meanwhile, the link is getting weaker between oil and the currencies of major oil producers such as Russia and Canada.

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