From the desk of Steven Strazza @Sstrazza and Ian Culley @IanCulley
Crude oil has stolen the show, as it’s up more than 28% from its August lows.
What started as a questionable breakout has turned into a full-fledged rally — and the broader market seems to agree.
Copper retested its all-time highs last week, interest rates are on the rise across the curve, and cyclical stocks have become leaders.
All of these events fit neatly in an environment where crude oil prices continue higher.
But what does the currency market have to say about the recent strength from black gold?
Let’s look at our Petrocurrency Index for clues, along with one forex pair that’s showing strength against the US dollar.