There's been a lot of news lately about rising oil prices. However, these prices are always listed in US Dollars. Giving the sinking value of the dollar, I decide to see how much this is affecting the rise in oil prices. Using monthly averages, between January and October of this year, the price of oil against the US Dollar rose 36%, rising from $59.95 to $81.45 per barrel. I then set out to find the fastest appreciating major currency, which turned out to be the Canadian Dollar. In the same time period, the Canadian Dollar rose 21% against the US Dollar. This means that in Canadian Dollars, the price of oil has risen 13%, or 70.49 to 79.43 Canadian Dollars. So while the price of a barrel in the US has gone up $21.50, the price in Canada has only gone up $8.94.
While searching for the fastest appreciating currency, I discovered that the Korean Won is one of the weaker currencies, having only risen 2% against the US Dollar since January. The changes in its value just seem more sever when it's going from 930 to 900 won to a dollar. So it seems I won't be doing as well here as I had hoped.
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