Oil Backed Currency? CAD? AUD? NOK?
Holding long and loosing on NOK
Some currencies are backed by oil or highly tied to oil prices because of their oil independence and oil exports.
However I have noticed during a EUR sell off that it pushes down the value of the NOK. Is it because a flood of money rushes into USD?
Can one buy a currency based primarilly on the country's Oil exports?
Are other factors more relevant in dealing with oil exporting economies?
Thanks for your advice.
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