# FX Dashboard: Russian Ruble and Colombian Peso Finally Benefiting from the Oil Rally - Gautam Jain, PhD, CFA

> An FX strategist notes that the Russian ruble and Colombian peso have begun correlating more closely with oil prices after lagging the commodity rally. The analysis says both currencies have outperformed the broader emerging-market FX group.

- Date: 2021-10-14 · published 2021-10-14T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/44839-fx-dashboard-russian-ruble-and-colombian-peso-finally-benefiting-from-the-oil
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Oil-linked currency strength reflects higher energy prices, which raise biofuel and transport input costs and can support vegetable oil and feed prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-03-05 | [Latam FX struggle against buoyant dollar; Surging oil lifts Colombian peso \| Financial Post](https://feedsoft.ai/events/48397-latam-fx-struggle-against-buoyant-dollar-surging-oil-lifts-colombian-peso.md) | +3.5% | -3.8% |
| WTI | 2018-01-13 | [Colombia peso boosted by weak dollar and rising oil prices - Colombia News](https://feedsoft.ai/events/67263-colombia-peso-boosted-by-weak-dollar-and-rising-oil-prices-colombia-news.md) | -1.0% | -7.6% |
| WTI | 2022-06-03 | [Canadian dollar dips but posts 3rd weekly gain on soaring oil prices - The Globe and Mail](https://feedsoft.ai/events/41187-canadian-dollar-dips-but-posts-3rd-weekly-gain-on-soaring-oil-prices-the-globe.md) | +4.0% | -6.2% |
| WTI | 2018-09-28 | [USD/CAD drops further on the back of GDP data and crude oil rally — Octa](https://feedsoft.ai/events/63272-usd-cad-drops-further-on-the-back-of-gdp-data-and-crude-oil-rally-octa.md) | +3.1% | -6.8% |
| WTI | 2020-07-02 | [Latam stocks up; Mexican, Colombian pesos lead FX gains](https://feedsoft.ai/events/52401-latam-stocks-up-mexican-colombian-pesos-lead-fx-gains.md) | -0.6% | +0.0% |
| BRENT | 2021-03-05 | [Latam FX struggle against buoyant dollar; Surging oil lifts Colombian peso \| Financial Post](https://feedsoft.ai/events/48397-latam-fx-struggle-against-buoyant-dollar-surging-oil-lifts-colombian-peso.md) | +3.7% | -4.0% |
| BRENT | 2023-07-31 | [Goldman Sachs: China Is The Biggest Driver Of The Oil Price Rally \| OilPrice.com](https://feedsoft.ai/events/35217-goldman-sachs-china-is-the-biggest-driver-of-the-oil-price-rally-oilprice-com.md) | +2.4% | +0.2% |
| BRENT | 2018-02-05 | [Colombian peso recovers as price of Brent crude rises \| The City Paper Bogotá](https://feedsoft.ai/events/66753-colombian-peso-recovers-as-price-of-brent-crude-rises-the-city-paper-bogota.md) | -7.5% | -5.4% |

## Sources

- smartkarma.com: https://www.smartkarma.com/insights/fx-dashboard-russian-ruble-and-colombian-peso-finally-benefiting-from-the-oil-rally

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.