JPMorgan has stated that if the United States imposes a diesel export ban, it could widen the gap in diesel supply and prices between the US and the rest of the world, thereby delivering shocks to the exchange rates of multiple countries.

Strategists including Meera Chandan wrote in a report: "Direct importing countries would be hit first; developed markets are less vulnerable than emerging markets." Among developed markets, sterling and the euro are most affected by this risk, while Latin American currencies have the highest exposure globally.

The strategists said: "If the US implements a diesel export ban for an extended period, the spillover effects would spread to countries with high diesel consumption intensity and heavy reliance on imports." Such currencies also include the Australian and New Zealand currencies in developed markets, as well as the South African rand and the Philippine peso in emerging markets.