November, 2009
Foreign Exchange - UK Daily Update - Monday, November 30, 2009 8:31 - 0 Comments
World First Foreign Exchange 30 November 2009 Update: Dubai Continues to Hang Over The Market.
Friday was yet again another turbulent day which, like those dark and wet days in the pits of the credit crunch, saw markets shift violently over the course of the trading session.
Thursday’s main story of Dubai debt problems continued to rattle around with the market, certainly in the morning session, actively selling emerging market risk and buying the US dollar. This slipped off however in the afternoon with the dollar losing ground by the close of play as European equity markets surprisingly sprang back into the green.
This leaves us with a fairly muddled picture this Monday morning. Dollar has continued to lose ground in Asian trading this morning as assurances from Abu Dhabi about financial assistance to Dubai becomes more concrete. dollar may stay on the back foot in trade today but with the movements on Friday downside for the pound could be easily repeated. The weekly update this week will focus on 2 differing views for the US dollar going into next year: one case for a stronger dollar, one for a weaker.
There is not too much data today so a lot of today’s movements will depend on equity and risk markets.
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