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Gulf currencies remain flat last week

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Gulf currencies remain flat last week

Unread postby Stillw8n » Sat Sep 24, 2011 9:11 am

Gulf currencies remain flat last week
September 24th, 2011
Gulf currencies have maintained the main exception of the Kuwaiti dinar stability associated with a basket of currencies, which has fluctuated slightly over the past week, recording 13.370 against the dollar. The euro has seen in the dealings of the end of the week fall further, its lowest level in two weeks, recording 4.998 to the dollar.

After market expectations to strengthen the power of the dollar due to the initiative “Operation Twist”, announced by Ben Bernanke, Chairman of the U.S. Federal on Wednesday in an attempt to protect the world’s largest economy from the consequences of the recession and financial turmoil, in addition to varying statements of European governments about the debt crisis plaguing Greece , and the Japanese yen also fell slightly against the dollar, reaching 0.0501 dollars.

Following the new plan, local observers expect that the Euro continues to slide downward Balguenal current, which will keep the U.S. dollar prices in the long run, will appear more clearly reactions to the U.S. decisions as if they were positive for the greenback during the trading this week in the currency markets.

The euro fell against the dollar by the end of the week more than 130 points to touch the level of 1.3563 and 1.3797 at the top, during only one day and immediately after the announcement of Operation Twist. For the most part, the euro will test the 1.3440 support level. Knowing that break the 1.3800 would delay the achievement of these expectations.

Sterling fell against the dollar since Thursday, more than 240 points. It hit its highest level at 1.5745, while its lowest at 1.5484, and most likely he would try to test support at 1.5370 with the penetration level of resistance in the 1.5700 would delay the achievement of these expectations as well as.

And will spend U.S. Federal under Operation Twist $ 400 billion to buy bonds at the U.S. Treasury $ 400 billion up period due to thirty months, and sell the other hand JD a government long-term with the same value, in a move designed to establish the interest rates on long-term aim of reducing the interest on small business loans by reducing the profits on the stock to move the stagnation in the U.S. economy.

And managed the U.S. dollar out of the trading range is normal to him against the Japanese yen, and was traded the U.S. dollar against the Japanese yen is among the highest 76.81 minimum and 76.55 yen to the U.S. dollar, and this narrow range requires a penetration level of 77.25 to confirm positive for the dollar, or breaking the barrier of 75.80 to push the dollar in the wave downward. The high exchange rate of the yen against the U.S. dollar has nothing to do upward tendency of the Japanese yen in cases of pessimism in the financial markets, as we see.


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