Oil-Producing Countries’ Currencies Are Getting Crushed | Zero Hedge.
While most people’s attention has been focused on the demise of the Russian Ruble this year, since the June highs in Crude Oil, the oil-producing nations of the world have seen their currencies devalue rapidly. From Brazil to Nigeria and Algeria, the impact of lower oil revenues is starting to create a vicious circle for many of these nations… and having consequences for the very Petrodollar flows that the US relies upon…
Mission Accomplished – if the goal was crashing Russia’s Ruble – but the consequences of the collapsing Petrodollar flows (as we noted here) may wellcome back to bite…
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