Forex news for December 15, 2014:

The big news was the 9.25% fall in the Russia ruble. The big figures fell like dominoes as USD/RUB climbed to 64.23% — it’s never a good day when almost 10% of the value of the world’s largest country is wiped out.

Commodities remain curled up in a ball and crying with WTI crude down another 4.5% and the Canadian dollar following it lower despite some inbound M&A.

The Australian dollar held up a bit better but still made a marginal four-year low down to 0.8201. Gold joined in today on rumors of Russia’s central bank selling.

A quick wave of US dollar selling hit at one point and EUR/USD jumped up to 1.2478, quickly gaining 40 pips but it fell back over the reminder of the day.

The extremes came after the industrial production data led to a round of US dollar buying but it couldn’t climb above 119 in USD/JPY and embarked on a painful slide to 117.70 as risk trades cracked.

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