Top
New York  London  GMT  Tokyo  Sydney 
Browse > Home / All, Americas, Mkt Talk, Regions / Iran may dump the euro for the UAE dirham: report

Iran may dump the euro for the UAE dirham: report

By   || July 16, 2010 at 16:17 GMT
|| 2 comments || Add comment

Reuters picks up a story that first appeared in the International Oil Daily, an industry newsletter:

Iran is considering switching oil payments from Europe to UAE dirham for the euro.

Part of the move may be to avoid EU sanctions that could freeze euro payments. Part may also have something to do with Iran blowing smoke at the market they way they did a few months ago when they said they were considering dumping the euro for the dollar.

They are probably trying to get back EUR/USD shorts like everyone else…

Share and Enjoy:
  • RSS
  • Facebook
  • Twitter
  • LinkedIn
  • email
  • Print
  • Add to favorites
  • del.icio.us
  • Digg
  • NewsVine
  • StumbleUpon
Category: All, Americas, Mkt Talk, Regions
Tags:

Add a comment

2 Responses to “Iran may dump the euro for the UAE dirham: report”

  1. Tajul Akbar Bin Ismail on July 16th, 2010 16:40 GMT

    EURUSD is overbought if you look at RSI H4 & Daily charts ;-)

  2. N on July 16th, 2010 16:57 GMT

    Agreed it is overbought, but in the grad scheme things i think its closer to fair value now then it was a month ago, as Jamie highlighted to me yesterday.

    As for Iran, tricky i think it is probabily wanting to getting away from the West in gereral, they have had massive sanctions placed on them including finacial companys being told not to do business with them. So that leaves them to trade with countrys not part of the UN makeup and most likely neighbouring countrys.

Bottom