A week ago the Russian Ruble exhibited intraday volatility that makes the JPY look quiet when it crashed to record lows then soared dramatically on intervention hopes. Since then we have had a Russian Central Bank disappointment and some jawboning which did nothing press the Ruble to record-er lows against the USD. Then today, last week’s volatility in the Ruble was dwarfed when USDRUB blew past 48.5 only to be sent soaring (USDRUB lower) below 46 on hope of intervention. Russia is not alone. The Saudi Riyal has seen massive vol in recent weeks and Nigeria, another oil-producing nation, saw the Naira collapse yesterday then soar 8 handles this morning on what is confirmed intervention by the nation’s central bank. It appears the strong dollar is becoming an issue for the world’s oil-producing nations…
Ruble vol explodes on hopes for interventions…
Russian Ruble a bit more unstable than usual (purple in this currency chart) pic.twitter.com/Cs7kmwN9Jy
— Eric Scott Hunsader (@nanexllc) November 7, 2014
This post was published at Zero Hedge on 11/07/2014.
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