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Energy and Domestic Spending

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Simply stated, any time a nation must spend more to purchase its energy, the less money is left over for domestic spending and investment. Therefore, the currency will weaken in a modern economy that is heavily dependent upon oil imports when crude prices surge - as they did in 2005. The more dependent the nation is upon foreign oil and the greater the role that oil plays in the overall economy, the more currency rates will be affected by oil prices.
Source: http://www.investorguide.com/igu-article-961-forex-basics-can-commodities-affect-currency-rates.html