2021 prospects for oil and commodity currencies

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2021 prospects for oil and commodity currencies

By Blu Putnam, Chief Economist & Erik Norland, Senior Economist, CME Group

Oil Prospects 2021

  • US air traffic remains sluggish at 60% of pre-pandemic level due to virus.
  • Air travel in Europe constrained by second wave of COVID-19 outbreaks.
  • Will prospect of a vaccine help business travel bounce back in 2021?
  • Collision of supply-demand factors could lead to volatile trading.
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How Commodity Currencies Performed Amid COVID-19

  • AUD, NZD kept pace with their commodity index despite low COVID-19 cases.
  • CAD, RUB underperformed their index, could face more pressure in winter.
  • BRL has underperformed commodity prices lifted by supply cuts.
  • Progress of the virus in coming months could impact crude oil prices.
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