Within financial markets, currencies have mostly taken a back seat to the fireworks ongoing in the commodities space. Crude oil has nearly halved in price since its 2014-high was struck in June. Unsurprisingly, this has weighed on oil-sensitive currencies such as the Norwegian krone and the Russian rouble, as well as risk sentiment more broadly. While forecasters expect oil prices to stabilise around US$70/bbl in 2015, the near-term pessimism could well extend into year-end, weighing modestly on NZD.
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