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The price war between Saudi Arabia and Russia is going to put more pressure on EMFX (and NOK and CAD), while likely also adding to the case of more Fed easing this month, according to economists at TD Securities. 

Key quotes

“The economic impact is closer to neutral as the benefit to US consumers adversely impacts US producers.”

“For the G10, developments in the oil space have redirected focus on NOK and CAD. Not only are these currencies positioned poorly in a riskoffworld, but now they have the added economic hit from the oil shock.”

“We are inclined to view USD/CAD dips as a buying opportunity. The 1.3550/3600 area should be supportive.”

 

Expert score

5

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