Ruble and NOK benefit from high oil price
The ruble has appreciated 7% against the yen since the start of February, since when there has been a 26% increase in the oil price from $45 to $57, said David Mann, London based FX strategist at Standard Chartered.
Daragh Maher, senior currency strategist at Calyon in London, pointed to the Norwegian krone as the most effective way for those playing the currency market to take advantage of the strong oil price. He said: "In addition to offering nearly 50 basis points of three-month carry, the
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