Oil is losing relevance with emerging market assets including equities, bonds, and currencies. Further, the technology sector is taking the open space freed by oil--a trend whose implications have not fully manifested. This equates to significant transformations in emerging markets.
With the performance of emerging market bonds in local currencies diverging from the movement of oil prices, found in a recent piece by Bloomberg, it should not surprise that currencies are also moving away from oil as a whole.
The future of oil as a performance influence should continue to decline. This raises questions about economies dependent on manufacturing or natural resource exports ability to establish a foothold in the global market.
Read more at Oil Price.