In the face of rising oil pric

In the face of rising oil prices, currencies of energy-exporting countries such as the Norwegian kroner (NOK) showed a very high positive correlation; while energy-importing countries such as the yen (JPY) and the euro (EUR) showed a very strong negative correlation. It reflects the double impact of rising import costs in Asia and Europe, which faced by rising oil prices. The weakness of the yen and the plunge of South Korea's heavyweight weight-weight stocks (Samsung, SK Hynix) were the relentless sell-off of global macro funds based on this "Energy-Exchange Beta."

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