Oil Producers' Currencies Are Collapsing-er

Despite numerous interventions by Mexico, Russia, and Nigeria, the free-fall continues in their currencies. The Russian Ruble is the poster-child (down 40% since June alone - testing 58/USD today) but the crash in Mexico and Brazil is accelerating in the last week. Default risks are surging for all of the Oil-Producing nations with Russia topping 450bps (5Y CDS) .

 

Oil Producers currencies are collapsing...

 

More so Russia...

 

And default risks are becoming real...

 

Charts: Bloomberg