A big story this year has been the decline in commodities.
That’s bad news for countries and currencies that are closely tied to commodities.
In a note, Sebastien Galy has a quick rundown of what currencies are associated with what commodities:
Aussie Dollar : aluminum, coal & wheat
Canadian Dollar : oil and wheat
South African Rand : coal & platinum
Chilean Peso : copper
Mexican Peso: oil & silver
Russian Rubel: oil, nickel, platinum, wheat
Brazilian Real: oil
Norwegian Kroner: oil