Commodities rot continues unabated, as Bloomberg Commodities Index fell to its lowest reading since June 1999:
Which, of course prompted another repricing of the commodities-linked currencies:
As I noted few days ago (post here) for the Russian Ruble, there is some room to the downside from here on.
Here is an interesting discussion of the historical trend/cycles in commodities busts via Carmen Reinhart: https://www.project-syndicate.org/commentary/commodity-price-decline-will-continue-by-carmen-reinhart-2015-11. And long-view chart of same:
Trend-wise, that is 160 years of deflation...
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